GBP/USD Daily Forecast – 22 January

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Thursday, Jan 21 2016

Sterling was initially pushed lower in the course of the yesterday's session, all the way to below 1.41 handle, but managed to find support around 1.4080 level in order to turn around and form a hammer as a daily candle, which is of course positive sign, though only short-term looking. Tomorrow, we would pay attention to Retail Sales figures. Weaker than expected data would push pair back to 1.41 handle, while better than forecasted figures could bring rebound but with resistive points at 1.4250 and 1.4280 area.

Long-term looking, despite this rebound, pair did broke to the new lows during the session and we believe that pair is now heading towards 1.40 handle. Dovish comments regarding interest rates added additional bearish pressure to the pair which is quite strong. With that being the case, we have no interest in buying this pair at the moment.

More in this category: « AUD/USD Daily Forecast – 22 January EUR/USD Daily Forecast – 22 January »

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