GBP/USD Daily Forecast - 28 January
Despite weaker than expected GDP figures, Sterling found area around 1.5050 level to be supportive enough at the moment in order to rebound and in the course of the session come all the way to 1.52 handle. Hammer that has beeen gormed for the second consecutive session is of course a bullish sign, however, we are now near the area which should offer significant amount of resistance.
With no major data releases from the UK tomorrow focus will be on FOMC interest rate decision. Supportive candles around 1.5050 level would offer short-term buying opportuntiy, while resistive candles near 1.53 handle would be short-term selling signal. On a long-term basis if we see break above 1.53 handle we would be willing to start buying the pair with the target set at 1.55 handle. Selling is not an option as long as area around 1.50 handle is being supportive.
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