GBP/USD Daily Forecast – 02 November

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Wednesday, Nov 01 2017

GBP/USD Daily Forecast – 02 November

Sterling was pushed higher in the course of the yesterday's session after better than forecasted UK Manufacturing PMI figures, but found resistance around 1.33 handle, and after FOMC Statement pair pulled back to a daily closing above 1.3240 area. Tomorrow, focus of the session will be on BoE's interest rate decision and Inflation Report. On a short-term basis, we believe that pair will find some amount of support around 1.32 and 1.3170 area initially, while area above 1.33 handle should offer some amount of resistance.

On a long-term basis we would be on buyers for this pair, after recent rebound. Selling is not an option as long as we area above 1.30 handle.

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