The GBP/USD weekly forecast is mildly bullish. However, the bid tone dented as the pared lost some gains on the close.
The pound sterling lags behind competitors when it comes to profiting from the dollars sell-off. So is GBP/USD likely to gain a foothold, or is it prone to a rate change？ The next steps will be determined based on data from both sides of the pond.
GBP/USD Weekly Technical Forecast: 1.3800 Remains The Key
the GBP/USD pair posted gains below the 1.3900 handle and pared off the gains. The price closed the week around mid-1.3800. The price posted an up bar on Friday, closing below the middle on a very high volume. It is very likely to have a downside retracement in the following week. As long as the price stays below the 1.3900 mark, bears will aim for 1.3800 ahead of 1.3770. However, the congestion of 20, 50 and 200 DMAs at 1.3800 may support the pair.