Forex Forecast for 29 February - 4 March 2016

FX:GBPUSD   British Pound / U.S. Dollar
First, a review of last week’s forecast:
The prediction of 40% of the experts and graphical analysis that GBP/USD             should bounce down from resistance at 1.4400 proved right. However, under the influence of the news about the UK’s EU membership referendum, instead of entering a sideways trend, the pair easily broke support at 1.4200 and crashed, finishing the week around the lows of 2001 and 2009.

Forecast for Coming Week
Generalizing the opinions of several dozen analysts from leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be said:
All the indicators on H4 and D1 point downward for GBP/USD             . The analysts’ opinions are divided, with the bulls having an edge – 50% vote for a rise and 40% for a drop. According to graphical analysis on H4 and D1, in the next few weeks, the pair will still try to reach the low of 2009 at 1.3500, after which it will return to resistance at 1.4080. With this said, graphical analysis on H1 elaborates that before going downward, the pair may rise a bit and reach 1.3910.

Roman Butko, NordFX
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