GBP/USD Daily Forecast - 06 February

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Thursday, Feb 05 2015

Sterling managed to break above 1.53 handle in the course of Thursday's session, mostly due to dollar squeeze in afternoon part of the session. Break above this level is of course a bullish sign since this area offered plenty of resistance in the past few weeks. As for tomorrow we would pay attention to NFP figures.

Any type of resistive candles around 1.54 handle would indicate short-term selling opportunity, while supportive candles at 1.5250 and 1.52 handle in extension would be short-term buying signal. Now, when we have saw break above 1.53 handle, we would be more interested in buying this market, long-term looking. Pair should now head towards 1.55 handle, which, as previous major support, should now offer plenty of resistance, so at that point we would reassessed our position. Selling is not an option at the moment.

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