GBP/USD Daily Forecast - 05 February

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Wednesday, Feb 04 2015

Sterling continued its uptrend during the yesterday's session supported by better than expected Services PMI figures with a daily closing around 1.52 handle. However, we believe that this area will offer some amount of resistance so 1.5250 level would be our short-term selling point, while 1.5130 area is where we would consider buying the pair.

On a long-term basis, Sterling is likely to continue to consolidate between 1.50 and 1.53 handle, so we would wait for a more clear sign before placing any larger bids, that is break above 1.53 handle or below 1.48 area.

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