GBP/USD Daily Forecast - 14 January

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Tuesday, Jan 13 2015

After it sharply fell due to weaker than expected UK CPI figures, Sterling managed to rebound completely showing that 1.50 handle is a significant support for this pair. Pair ended up session around 1.5150 area and with forming a nice looking hammer. With that being the case pair is likely to find area around 1.5080 level to offer some amount of support tomorrow so this is where we would consider buying the pair

, on a short-term basis, while area above 1.5250 level could offer resistance as this is the level from where the pair last pulled back, so this is where we would sell the pair in short-term trends. In long-term trends, we believe that area around 1.50 handle would continue to be significant support so we would use any pullbacks to it as a buying opportunity with a target at 1.53 handle.

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