GBP/USD Daily Forecast - 08 January

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Wednesday, Jan 07 2015

Though there were no data releases from the UK yesterday, Sterling spent most of the day in a decline falling below 1.51 handle, but managed to rebound slightly finishing the session just around this general area. Some market volatility can be expected with BoE interest rate decision tomorrow, but in limited range as no changes are likely to occur.

We believe that pair will find plenty of support at 1.5050 level and resistance above 1.5180 area so these would be our short-term selling and buying points. In long-term trends pair is near our target at 1.50 handle, so we would not place any larger bids at the moment as some bounce out and consolidation can be expected with 1.50 handle being significant support on long-term charts.

Last modified on Wednesday, 07 January 2015

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