GBP/USD: forecast for September 21-27

Kira Iukhtenko

British pound extended the upside on the past week. Inflation slipped back to 0% in August, but the currency got support from the upbeat employment and retail sales figures. The market still expects the Bank of England to hike interest rates at the beginning of the year 2016.

GBP/USD added more than 200 pips over the past week, drawing a second long bullish candle on the weekly chart. The medium-term picture remains positive for the buyers. Break above 1.5700 will open the way to 1.5810 (August high) and 1.5860 (50% Fibo). Key support is now seen at 1.5450 (former resistance).

UK economic calendar for the new week is rather light with the only event on the schedule - Public Sector Net Borrowing on Tuesday. 

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