GBP/USD Daily Forecast - 04 February
After two days of rather good UK reading but also boosted by dollar squeeze yesterday afternoon, Sterling was pushed higher during the yesterday's session finishing it well above 1.51 handle. However, pair still remains within its consolidation range between 1.50 and 1.53 handle. We would be focused on Services PMI and ADP job figures tomorrow.
Weaker than expected data would push pair lower but with initial support around 1.5080 level, where we would buy the pair in short-term trend. On the other hand, better than forecasted data would cause uptrend with major resistance around 1.5250 level which would be our short-term selling point. In long-term trends, we believe that this market is still quite indecisive what to do, and it is hard to put any larger bids in any direction, at least until we either see break above 1.53 handle which would lead consequently to 1.55 handle or below 1.48 handle, to which there is plenty of support all the way down.
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