GBP/USD Daily Forecast - 26 January

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Friday, Jan 23 2015

After it initially fell below 1.50 handle, Sterling managed to rebound in the course of Friday's session, supported by better than forecasted UK Retail Sales figures and finish the session above 1.50 handle. This suggest that even if we break below 1.50 handle there is still plenty of support for this pair all the way to 1.48 handle, so we would be cautious with placing any larger selling bids.

On the other hand overall bearishness in the pair is more than obvious so buying is not an option. Monday's session should be a steadier one since only BBA Mortgage Approvals data is scheduled for a release. Any type of supportive candles around 1.4950 level, Friday's lows, would indicate short-term buying signal, while resistive candles around 1.5080 would offer short-term selling opportunity,

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