GBP/USD Daily Forecast - 13 January

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Monday, Jan 12 2015

Sterling tried to break higher in the course of the session on Monday, but 1.52 handle was too resistive at the moment especially with no data to support uptrend. Main market mover tomorrow will be CPI figures. In a case of a weaker than expected data pair could go below 1.51 handle, with a major support around 1.5050 level where we would buy the pair in short-term trends.

On the other side better than forecasted figures would probably cause break above 1.52 handle but with a resistance around 1.5250 level, where we would consider selling the pair. Despite recent uptrend, we would rather wait for a break above 1.53 handle before placing any larger buying bids. There is still open possibility that pair will once again test 1.50 handle.

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