GBP/USD: forecast for July 6-12

Kira Iukhtenko

GBP/USD declined for a second consecutive week in a row. The pair was pressured by the dovish BOE comments – according to the BOE Governor Marc Carney, the rate could stay low for “some time”. What’s more, the Greek factor remains a nuisance for the pound. Any negative developments in Greece over the weekend will send the cable lower on Monday.

GBP/USD is forming a bearish wedge on the weekly chart. It could be broken to the downside in the coming days. Major support lies at 1.5500. We’ll remain bearish below 1.5900.

On the new week, the market dynamics will depend on the Greek story and on the FOMC meeting minutes on Wednesday. As for the UK releases, watch the annual budget release on Wednesday and the BOE meeting on Thursday.

Chart. Weekly GBP/USD

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