GBP/USD Weekly Forecast – 11 January – 15 January
Sterling was pushed lower in the course of the last week, testing 1.45 handle and even with a weekly closing around this area, which indicates serious bearish pressure in the pair. Ever since pair broke below 1.49 handle, pair is going downtrend, with initial target at 1.45 handle. As for next week, we would pay attention to US data and UK Industrial Production figures.
If we see break below 1.45 handle, we believe that pair will find some amount of support around 1.44 and 1.4350 area in extension. On the other hand, area above 1.4650 level should offer significant amount of resistance, so this is where we would consider short-term selling. On a long-term basis we have no interest in buying this pair at the moment, since 1.50 handle should offer significant amount of resistance, though we believe pair will struggle above 1.47 area. As for selling, since we are at are now at 1.45 handle, we would first like to see break below this area, which would lead pair towards 1.43 handle and perhaps lower then.
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