GBP/USD Daily Forecast – 16 February

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Monday, Feb 15 2016

Sterling was initially pushed higher in the course of the session on Friday, but found area around 1.4530 level to be resistive enough in order to all the way to 1.44 handle, where pair managed to find support and rebound by the end of the day. Focus of tomorrow's session will be on UK CPI and PPI figures. Pair is likely to find support around 1.44 handle, and 1.4350 handle in extension, as these were major resistive points in the past and resistance above 1.4570 handle so this is where we would consider placing short-term selling bids.

Long-term looking, there is no clear trend at this moment, so we would remain at the sidelines. If we see break above 1.47 handle we would consider buying the pair, while break below 1.43 handle would indicate selling pressure.

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