GBP/USD Daily Forecast – 02 February

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Monday, Feb 01 2016

Sterling managed to break higher in the course of the Monday's session, going all the way to 1.44 handle by the end of the session, where we can expect some amount of resistance based on last week's charts. On Tuesday, main market mover will be UK Construction PMI figures. Weaker than expected figures would cause further decline, with initial support around 1.43 level, while better than forecasted data would bring further rebound but with resistance around 1.4450 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 1.44 handle and 1.45 area in extension, 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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