Currency Analyst since 2010

GBP/USD: forecast for February 15-21

By Elizabeth Belugina

British pound traded sideways versus its American counterpart during the past week. Data from the UK showed that trade deficit narrowed a bit, but manufacturing production kept declining.

Next week there will be more news form Britain. Inflation figures will come out on Tuesday. A block of labor market statistics is due on Wednesday and the UK will release retail sales data on Friday.  

Despite great volatility in global markets, GBP/USD behaved stable. High at 1.4660 continued limiting the upside. Trading between this level and 1.4350 may continue for another week.

Note that global turbulence and low oil prices aren’t particularly good for British pound, so the main scenario is that GBP/USD will ultimately slide towards 1.4200. In case of a break to the upside, next resistance will be at 1.4800. 

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