GBP/USD Daily Forecast - 02 February

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Friday, Jan 30 2015

Though there were no major data releases from the UK on Friday, pair continued with its decline, though 1.50 handle offered some amount of support and pair managed to finish the day few points above it. Main market mover on Monday will be UK Manufacturing data. Weaker than expected figures would push the pair lower but with a support around 1.4980 level

, while better than forecasted data would cause an uptrend to 1.51 handle, where we expect some amount of resistance. On a long-term basis we would remain neutral for this pair as it is obvious that pair is still in consolidation, and it is hard to place any bids since there is plenty of support all the way to 1.48 handle so it will not be an easy way down, while on the other hand pair is struggling with 1.52 handle so until we see it cleared off we would not place any buying bids.

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