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GBP/USD: forecast for Sep 28-Oct 4

By Kira Iukhtenko

GBP/USD remains under selling pressure and formed a “bearish engulfing” candle. However, be the end of the week the pair found support at 1.5160. We don’t recommend selling the pair before it fixes below this mark.

Next support is seen at 1.5050 (trend line). The pair is expected to reverse from this level. Pay attention to the “inverted hammer” candle on the monthly chart. It signals the forthcoming end of the bearish trend.  

As for the economic calendar, pay attention to the BOE Carney’s speech on Tuesday, final Q2 GDP on Wednesday and PMI indices later in the week.

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