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GBP/USD Daily Forecast – 05 February

Thursday, Feb 04 2016

Sterling was initially pushed higher in the course of the session on Thursday, but pair pulled back after dovish BoE Meeting Minutes, going all the way to 1.4530 level, where pair found some amount of support. Tomorrow, pair is likely to find support around 1.45 handle, as this was major resistive point in the past and resistance above 1.4670 and 1.47 handle in extension so this is where we would consider placing short-term selling bids.

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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