GBP/USD Daily Forecast – 13 January

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Tuesday, Jan 12 2016

Sterling spent Tuesday's session in decline after much weaker than expected UK Industrial Production figures, even breaking below 1.44 handle but finding area around 1.4350 level to be supportive at the moment. Since pair broke below major support at 1.45 handle quite easily and then even continued much lower, this is of course quite bearish sign and we believe that on a long-term basis pair could go as low as 1.40 handle, especially if we see break below 1.43 handle, which should offer some amount of support for now. Buying is not an option at the moment.

Pair managed to rebound slightly by the end of the yesterday's session, but we believe that any type of supportive candles 1.43 handle would now offers short-term buying opportunity, while resistive candles above 1.45 handle would be strong selling signal.

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