GBP/USD Daily Forecast - 12 February
Sterling initially aimed higher during the yesterday's session but was unable to break above 1.53 handle, which caused a pullback back to below 1.5250 level and shooting star as a daily candle after two hammer in a row. Focus of tomorrow's session will be on BoE Inflation Report. We can expect a lot of volatility but even in the case of a dovish statement pair is likely to find support around 1.5150 level so this would be our short-term buying point.
On the other hand, hawkish statement would push pair above 1.53 handle but we can expect some amount of resistance above 1.5330 area. As long as 1.52 handle holds we are optimistic for this pair and believe it could go higher. However, we would not place any larger buying bids until we see break below 1.53 handle which would lead to a further uptrend to 1.55 handle. On the other hand, we have no interest in selling this pair at the moment since 1.50 and area below it offers significant amount of support.
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