GBP/USD Daily Forecast – 15 January
Sterling was initially pushed lower in the course of the yesterday's session, but found support around 1.4360 area and managed to rebound after BoE's interest rate decision and the following minutes. However, we believe that this rebound is only of a short-term basis. Pair is likely to find support around 1.4350 area, so this would be our short-term buying point and resistance above 1.45 handle so this is where we would place short-term selling bids.
Since pair broke below major support at 1.45 handle quite easily and then even continued much lower, with this area now offering significant amount of resistance, 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.
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