GBP/USD Daily Forecast – 11 January
Sterling continued its downtrend in the course of the Friday's session, breaking once again below 1.46 handle and testing 1.45 handle as a support, especially after much better than forecasted NFP figures. By doing this pair reached 1.45 handle which was our long-term target.
With no major data releases on Monday, we expect a bit steadier session. We can expect initial support around 1.4480 area and 1.4450 level in extension, so these would be our short-term buying points, while area above 1.4580 level is where we can expect some amount of resistance. On a long-term basis, we would be sellers for this pair, especially if we see break below 1.45 handle, which is a major supportive point on long-term charts. Buying is not an option at the moment, as we are quite far from breaking above 1.50 handle, which would mark change in trend.
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