GBP/USD Daily Forecast – 16 January

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Tuesday, Jan 16 2018

GBP/USD Daily Forecast – 16 January

Sterling was pushed higher in the course of the yesterday's session going all the way to above 1.38 handle, where it in the end found some amount of resistance and pulled back, but managed to finish the session around 1.38 handle. As for tomorrow, focus will be on UK CPI and PPI figures. On a short-term basis, we believe that pair will find some amount of support around 1.3750 and 1.37 area initially, while area above 1.3850 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. We expect next major resistance above 1.40 handle.

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