Friday’s GBP/USD sell-off was inspired by Fed Chairwomen Janet Yellen which delivered a hawkish speech that adds to the case of another imminent rate hike. The Brexit negative sentiment coupled with renewed dollar buyers motivated by Yellen’s speech kept the GBP/USD below 1.3300 key resistance and this resulted in a weekly rejection bearish bar which gives us confidence that GBP sellers are still in control.
GBP/USD’s price action post-Brexit sell-off has turned in a big range followed by small ranges which give us confidence that in the short to medium-term the price action will be well defined inside those ranges.
Friday’s spike up into the 1.3270 has confirmed that price is most likely to stay below this resistance level in the coming week as well and any rally should be limited. To the downside, we have the big round number 1.3000 from where we can expect a bounce to happen. The intermediate support level comes at 1.3090 but the expectation is that GBP/USD at least it will try to fill in the last week price range.
GBPUSD Weekly Forex Forecast 29th Aug to 2nd Sept 2016 – BEARISH
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