the analysts were right saying that GBP/USD would enter a sideways trend in the range of 1.4680-1.5000 with a 1.4890 and sentiment at the beginning of the week. The forecast panned out – a brief clash between the bears and the bulls around the was decisively won by the former, and the pair crashed by 100 points. However, it quickly returned to the and rose even higher – to the top boundary of the said corridor.
Forecast for the Coming Week
It has to be noted that all analysts are off for the holidays, and thus forecasts will be based on graphical and for the time being.
Graphical analysis and 50% of the indicators on H4 as well as 17% of the indicators on D1 point to GBP/USD’s rise to resistance at 1.5040. The rest of the indicators and graphical analysis on D1 claim that the pair will go down to support at 1.4740 with strong resistance at 1.4930. As the week starts precisely from this level, it should be clearer on Monday which of the trends will prevail in the coming days.
Roman Butko, NordFX