Currency Analyst since 2010

GBP/USD: selling opportunity

Analysts at Barclays Capital recommend selling GBP/USD this week. In their view, pound will suffer from pressure as the Bank of England’s Governor Mark Carney speaks on Wednesday: “We believe that the BoE will need to remind the market that it is focused on the unemployment rate, and unless the rate starts to decline, improvements in other cyclical data should not be reflected in steeper rates.”  

GBP/USD formed a shooting star on the weekly chart failing to close above weekly MAs and the $1.5700 handle. The main support is located at $1.5510/00 (200-day MA). Further support lies at $1.5420 and $1.5370. The outlook is bearish. Think of selling around $1.5635.

Chart. Daily GBP/USD

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