GBP/USD Weekly Forecast - 05 January - 09 January

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Friday, Jan 02 2015

After 1.55 handle offered support for so long, Sterling finally broke below it on Friday, after weaker than expected Manufacturing PMI figures but also due to bearishness that was obvious in the pair for the past two week and finished the week around 1.5360 area.Meeting Minutes and NFP figures as well as UK PMI and Industrial Production data.

We would pay attention to US FOMC Any type of supportive candles around 1.5280 level would would make us consider buying the pair, but only on a short-term basis, while resistive candles above 1.5450 area would offer short-term selling opportunity. On a long-term basis, we believe that pair should head next towards 1.50 handle. There will probably be a lot of noise on the way down, but we have no interest in buying this pair whatsoever. 1.50 handle is important area on a long-term charts so this is where we can expect a bit of bounce out.

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