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GBP/USD: weekly outlook

Kira Iukhtenko

Another bearish week for the cable – GBP/USD fell below the 1.4900 mark, approaching the 2013 lows. Bullish USD trend is pulling all the European currencies down. The next downside target for the cable lies at 1.4810. In a long-term the pair has potential to go below 1.4810. Next strong support level will be seen only at 1.4220.

On the new week Wednesday is going to be the most volatile day for the pair. You should first watch the UK labor market figures, Bank of England meeting minutes and the UK budget release. Later in the day focus will switch to the United States where the Fed will announce its monetary policy decision. We expect demand for the US dollar to stay high at least at the beginning of the week. 

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