GBP/USD Daily Forecast - 01 February

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Wednesday, Jan 31 2018

GBP/USD Daily Forecast - 01 February

Sterling went back and forth in the course of the yesterday's session with support around 1.4120 level and resistance above 1.4230, in the end finishing the session around 1.42 handle. Focus of tomorrow's session will be on UK Manufacturing PMI figures. On a short-term basis, we believe that pair will find some amount of support around 1.4130 and 1.41 area initially, while area above 1.4280 handle should offer some amount of resistance.

On a long-term basis we would be on buyers for this pair. Selling is not an option as long as we are above 1.38 handle. We expect next major resistance above 1.45 handle.

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