GBP/USD Daily Forecast – 04 January

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Thursday, Dec 31 2015

Sterling was pushed lower in the course of Thursday's session. After initial steadier beginning of the session, pair broke decisively below 1.48 handle in the US part of the session, despite weaker than expected US figures. This is mostly due to fact that since it was New Year's Eve and markets will not be reopened until Monday, smaller traders set the direction for the market.

As for Monday, we can expect some movement with UK Manufacturing PMI figures. Pair is likely to find support at 1.47 handle and resistance above 1.48 handle, which was supportive for such a long time. Long-term looking, buying is not an option at the moment. Though we can expect a lot of sideways trading, pair is likely to resume its downtrend and head towards next major supportive point based on a long-term charts at 1.45 handle.

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