GBP/USD Daily Forecast – 07 January

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Wednesday, Jan 06 2016

Sterling tested 1.46 handle as a support in the course of the yesterday's session. It found it there in fact and managed to slightly by the end of the session, but still formed negative candle. Tomorrow, we expect that supportive candles around 1.4550 handle would offer short-term buying opportunity, while resistive candles above 1.4660 and 1.4680 level would be short-term selling signal.

On a long-term basis, we are currently only interested in selling this pair as we believe that it will test 1.45 handle given enough time. This is an important area based on a long-term charts, so this is where we can anticipate some amount of support. Buying is not an option as 1.50 handle seems to be ceiling for this pair at the moment, and we would first need to break above this area before considering buying the pair.

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