GBP/USD Daily Forecast – 08 February

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Friday, Feb 05 2016

Sterling was pushed lower in the course of the session on Friday, mostly due to better than forecasted US job figures but also with markets still being influenced by dovish BoE's stanzas. Monday should bring a steadier session as there will be no major data releases. Pair is likely to find support around 1.44 handle, as this was major resistive point in the past and resistance above 1.45 and 1.4550 handle in extension so this is where we would consider placing short-term selling bids.

Long-term looking, with this pullback, we would remain at the sidelines for the moment, as pair has lost bullish momentum, and could easily resume lower. However, if we see break above 1.4650 handle we would be buyers for the pair.

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