GBP/USD Daily Forecast – 10 February

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Tuesday, Feb 09 2016

Sterling went back and forth in the course of the yesterday's session, finding support around 1.4380 level and rebounding in the US part of the session all the way to above 1.45 handle, where pair found some amount of resistance. As for tomorrow, focus will be on UK Industrial Production figures and Janet Yellen's testimony. Pair is likely to find support around 1.44 handle, and 1.4350 handle in extension, as this was major resistive point in the past and resistance above 1.46 handle so this is where we would consider placing short-term selling bids.

Long-term looking, since we have break higher, we would not sell pair at the moment. However, we would first like to see break above last week's high above 1.4650 handle before we start buying the pair.

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