GBP/USD Daily Forecast – 14 January

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Wednesday, Jan 13 2016

Sterling went back and forth in the course of the Wednesday's session breaking once again below 1.44 handle but finding area around 1.4380 level to be supportive at the moment. Pair tried to break higher few times in the course of the session but found that area around 1.4470 level offers plenty of resistance 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. Tomorrow, focus will be on BoE's Meeting Minutes. We expect some amount of support around 1.4350 level and resistance above 1.45 handle, and 1.4550 level in extension so these would be our short-term buying and selling points.

More in this category: « AUD/USD Daily Forecast – 14 January EUR/USD Daily Forecast – 14 January »

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