GBP/USD Daily Forecast – 04 January

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Wednesday, Jan 03 2018

GBP/USD Daily Forecast – 04 January

Sterling tried to broke above 1.36 handle in the course of the yesterday's session, but found plenty of resistance above this area and pulled back all the way to 1.35 area by the end of the session offset by rather good US Manufacturing PMI figures and weaker than expected UK Construction PMI. As for tomorrow, we would pay attention to UK Services PMI figures and US reports. On a short-term basis, we believe that pair will find some amount of support around 1.3450 and 1.3430 area initially, while area above 1.3580 handle should offer some amount of resistance.

On a long-term basis we would be on buyers for this pair, though there is currently a lot of volatility. Selling is not an option as long as we are above 1.30 handle.

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