GBP/USD Daily Forecast - 19 January

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Friday, Jan 16 2015

After it initially tried to break higher on Friday, Sterling once again pulled back, to a daily closing around 1.5160 level. We expect tighter-range trading on Monday, since there will be no data releases from the UK, while US banks are being closed in observance of Martin Luther King's Day.

With that being the case pair is likely to find support around 1.5080 area, area that was supportive during the last week, while 1.5250 area should continue to offer some amount of resistance, with resistive candles around it offering nice short-term selling signal. In long-term trends we believe that this pair could break higher, but we do recognize the fact that area above 1.5250 level is being to resistive at the moment and in order to start buying the market we first need to see decisive break above it. Selling is not an option until we see break below 1.50 handle, which does not seem very likely given the fact that it has proved to be major supportive area.

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