GBP/USD Daily Forecast - 11 February

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Tuesday, Feb 10 2015

Sterling was pushed higher in the course of the yesterday's session, despite a bit weaker than expected Industrial Production figures, forming a hammer as a daily candle. As for tomorrow, with no major data releases both from UK and USA we can expect a steadier session in which pair is likely to find support around 1.52 handle and resistance near 1.5320 level

, so these would be our short-term buying and selling points. Long-term looking, last week's break above 1.53 handle and support at 1.52 area suggest that there is some bullish potential in this pair and that it could go towards 1.55 handle, but we would not place any larger bids ahead of BoE's Inflation Report. Selling is not an option at the moment as 1.50 handle offers enough support.

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