GBP/USD Daily Forecast - 09 January

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Thursday, Jan 08 2015

Sterling tested 1.5030 area in the course of the session on Thursday, which is near to our long-term target at 1.50 handle. However, pair bounce out from here, forming a hammer, showing that this is a significant support level, to a daily closing slightly below 1.51 handle. We believe that this area will continue to offer support tomorrow as well, despite the fact that we can expect a lot of volatility with UK Industrial Production figures and NFP report.

On the other side, resistive candles around 1.5180 area would make us consider selling the pair on a short-term basis. On a long-term basis, since we are close to significant support area, we would not place any larger bids, until we see further development of the situation. Break below 1.50 handle would of course be very bearish but at the moment we believe that pair is going to bounce out from this area.

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