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GBP/USD Daily Forecast – 12 January

Monday, Jan 11 2016

Sterling initially rebounded in the course of the session on Monday, but found area above 1.46 handle to be to resistive at the moment, with pair pulling back by the end of the session which is of course a bearish sign. Main market mover tomorrow will be UK Industrial Production figures. Weaker than expected figures would cause decline all the way to 1.45 handle and perhaps even below it, though this is a major supportive point at the moment, while better than forecasted data would bring once again rebound to the pair but with resistances at 1.46 and 1.4630 level.

Long-term looking, 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. Rallies would now offer selling opportunity.

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