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During the first two days of the 15-19 June trading week, the Pound slid to session lows against the broadly stronger Greenback, due to concerns over Greece and the upcoming Federal Reserve policy statement. However, the next day the Sterling started to advance and managed to touch fresh seven-month highs on Thursday, when data showed that UK retail sales rose last month. According to the Office for National Statistics, retail sales ticked up 0.2% in May, in line with economists' expectations. The Pound ended the week close to eight-month peaks, since investors pushed back expectations for higher US interest rates while concerns over the Greek debt crisis boosted safe haven demand for the Sterling.
Currently, the pair is still trading in the bullish channel, while traders' forecasts divided equally. The market participants could pay additional attention to the revised data on the US first quarter economic growth on Wednesday and on the weekly report on initial jobless, which will be published the next day. Moreover, on Friday, Bank of England Governor Mark Carney is to speak at an event in London, while the US is to round up the week with revised data on consumer spending.
Speaking about the next week, the average expectation of the Community members went down to around 1.585. However, some traders are strongly bullish on the pair, for example geula4x suggests, "GBP/USD seems very bullish on the daily chart. Support lies at 1.5800 round number area, which was previously resistance, at May 14 and 15. Resistance lies around 1.6000 big round number and psychological level. This area has capped price between October 30 and November 6, 2014. Let's see if bulls can maintain the momentum this week, for another test of 1.6000 big round number level."
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