GBP/USD Daily Forecast - 12 January

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Friday, Jan 09 2015

Sterling was supported by better than forecasted Manufacturing Production and Trade Balance figures in the course of the session on Friday and finished it around 1.5150 level. As for Monday, we expect a steadier session in which pair should find support around 1.5080 level, so this would be our short-term buying point and resistance above 1.52 handle so this is where we would sell it, short-term looking.

1.50 handle continues to be a major support for Sterling so selling is not an option at the moment, long-term looking. If we see break below this are we would be more than comfortable with selling it but this is not an option at the moment. However, we are not keen on buying the pair as well as we believe that there is still no change in trend and that pair is most likely to test 1.50 handle once again.

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