GBP/USD Daily Forecast – 01 February

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Friday, Jan 29 2016

After it was initially pushed higher in the course of the Friday's session, Sterling found area around 1.44 handle to be too resistive at the moment and pulled back sharply, all the way to 1.4150 handle at one moment, thus forming a shooting star, which is of course a negative sign. On Monday, main market mover will be UK Manufacturing PMI figures. Weaker than expected figures would cause further decline, with initial support around 1.4150 level, while better than forecasted data would bring small rebound but with resistance around 1.4280 area.

Long-term looking, with this fall, we have no interest in buying this pair as it has shown that it has plenty of resistance above 1.43 handle, and with that in mind we would wait for a resistive candles on rallies or break below Friday's lows to start shorting the market yet again with target set at 1.40 handle.

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