GBP/USD Daily Forecast – 03 February

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Tuesday, Feb 02 2016

Sterling was initially pushed lower in the course of the yesterday's session, but found area around 1.4320 level to be supportive enough in order to rebound and break once again above 1.44 handle, but with resistance near 1.4450 area. On Wednesday, main market mover will be ADP job figures. Pair is likely to find support around 1.43 handle, and resistance near 1.45 area so this is where we would place short-term buying and selling bids.

Long-term looking, 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 Tuesday's lows to start shorting the market yet again with target set at 1.40 handle. If we see break above 1.45 handle, this would of course be bullish sign.

More in this category: « AUD/USD Daily Forecast – 03 February EUR/USD Daily Forecast – 03 February »

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