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GBP/USD Daily Forecast - 30 January

Thursday, Jan 29 2015

Sterling spent most of the yesterday's session in a decline, extending pullback from Wednesday's session which occurred due to lack of momentum in decisively breaking above 1.52 handle. Pair finished the session around 1.5050 area. Tomorrow's European part of the session should be a steadier one.

We believe that pair will once again test 1.50 handle and area slightly below it as a support, so supportive candles in that area would be short-term buying signal. On the other hand, we anticipate some amount of resistance above 1.5150 level, so this is where we would consider selling the pair, on a short-term basis, Long-term looking, pair still remains in consolidation and not until we see either break above 1.53 handle or below 1.48 area would we be willing to place any larger bids at the moment.

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