GBP/USD Daily Forecast – 28 January

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Wednesday, Jan 27 2016

Sterling spent most of the yesterday's session in a decline, being unable to break above 1.4350 level which has been quite resistive during this week. However, pair found some smaller amount of support around 1.4220 level, but was not especially effected by FOMC statement. As for tomorrow focus will be on UK GDP figures. Weaker than expected figures would push pair back to 1.4150 handle, while better than forecasted data would cause an uptrend to 1.4350 level.

Long-term looking, we have no interest in buying this pair. Pair has plenty of resistance around 1.45 handle, which is a ceiling for this market at the moment, and with that in mind we would wait for a resistive candles as a selling opportunity. However, 1.40 handle should be quite supportive so we cannot expect a massive meltdown.

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