GBP/USD Weekly Forecast – 01 February – 05 February

Sterling tried to rally in the course of the last week, supported by good UK job figures and dovish FOMC statement but found area around 1.44 handle to be too resistive at the moment in order to pull back to 1.42 handle by the ending of the week. This is the sign that British pound is generally weak at the moment, since weekly candle is a shooting star. As for next week, pair is likely to find support around 1.41 handle, while we can expect resistance above 1.4350 area so these would be our short-term buying and selling points.

GBP/USD Daily Forecast – 29 January

Focus of yesterday's session was on UK GDP data. GDP is estimated to have increased by 0.5% in Quarter 4 (Oct to Dec) 2015 compared with growth of 0.4% in Quarter 3 (July to Sept) 2015. Output increased in 2 of the main industrial groupings within the economy in Quarter 4 (Oct to Dec) 2015. Services increased by 0.7% and agriculture increased by 0.6%. In contrast, production decreased by 0.2%, while construction output decreased by 0.1%.

GBP/USD Daily Forecast – 29 January

Sterling was supported by rather good UK GDP figures yesterday, an spent session in an incline testing 1.44 handle as a resistance. Just as we have suspected this area offered some amount of it, with pair pulling back slightly, but we can expect that it will try to test it again. As for tomorrow, we expect some amount of support around 1.43 handle, so this is where we would place short-term buying bids and resistance near 1.45 handle, as this is important resistive barrier and where we would sell the pair on a short-term basis.

UK GDP grew by 0.5% in Quarter 4