GBP/USD Daily Forecast – 27 January

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Tuesday, Jan 26 2016

After initial decline and break below 1.42 handle, Sterling find this area around 1.4170 level to be supportive enough in order to rebound all the way to above 1.4350 thus forming a hammer as a daily candle which is of course a positive. As for tomorrow focus will be on FOMC interest rate decision.

We can expect that resistive candles around 1.4430 handle would offer short-term selling opportunity, while supportive candles around 1.4250 level would be short-term buying signal. Long-term looking, despite this rebound we have no interest in buying this pair. Dovish comments regarding interest rates added additional bearish pressure to the pair which is quite strong, so we see 1.45 handle as a ceiling.

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