GBP/USD Daily Forecast – 04 February

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Wednesday, Feb 03 2016

Sterling was pushed higher in the course of the yesterday's session, breaking well above 1.45 handle and going even above 1.46 handle. This is mostly result of dollar squeeze occurring in the US part of the session, with USD edging lower against all major rivals. On Thursday, main market mover will be BoE rate decision and the following Minutes. More dovish tone would push pair back, perhaps even below 1.45 handle, while more hawkish stanzas could case an uptrend all the way to 1.4750 handle and even above it.

Long-term looking, now when we have seen break above major resistive barrier at 1.45 handle, we would perhaps consider buying this pair, especially if we see break above 1.47 handle. However, we believe that 1.50 handle should be quite resistive for now. Selling is not an option until we see break below 1.43 handle.

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