GBP/USD Daily Forecast – 11 February
Sterling was initially pushed higher in the course of the session on Wednesday, but found area around 1.4580 level to be resistive enough in order to pullback in the US part of the session, but still remained above 1.45 handle by the end of the day. Pair is likely to find support around 1.4450 handle, and 1.44 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, especially since even weaker than expected UK Industrial Production figures did not have negative impact on the market. 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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