GBP/USD Daily Forecast – 25 January

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Friday, Jan 22 2016

Sterling managed to rebound in the course of the Friday's session, despite weaker than expected UK Retail Sales figures. Pair even broke above 1.43 handle, but found area around 1.4350 level to be too resistive at the moment. As for Monday, with no major data releases we expect a bit steadier session in which resistive candles around 1.4350 and 1.4380 level in extension would offer short-term selling opportunity, while supportive candles around 1.4220 level would be short-term buying signal.

Long-term looking, despite this rebound, pair did broke to the new lows during the last week and we believe that pair will head towards 1.40 handle give enough time. 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, with 1.45 handle offering significant amount of resistance.

More in this category: « AUD/USD Daily Forecast – 25 January EUR/USD Daily Forecast – 25 January »

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