GBP/USD Daily Forecast – 05 January

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Monday, Jan 04 2016

Sterling initially rebounded in the course of the Monday's session and even broke above 1.48 handle in the European part of the session, after which a serious pullback occurred with pair going all the way to 1.4660 area. By the end of the session pair slightly rebounded and manage to break above 1.47 handle, but this is of course sign of a serious downtrend and therefore we have no interest in buying this pair at the moment.

We believe that given enough time pair will test 1.45 handle as next major support. Tomorrow, we would pay attention to Construction PMI data. We believe that pair is likely to find support around 1.4650 and 1.46 handle in extension and resistance near 1.148 handle, so this is where we would consider short-term selling bids.

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