GBP/USD Daily Forecast - 06 January

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Monday, Jan 05 2015

Sterling fell by almost 100 points in the course of the yesterday's session finishing it around 1.5240 level. Decline was caused by weaker than expected Manufacturing PMI figures but also general weakness in the pair and the fact that Sterling has no real support area until 1.50 handle.

As for tomorrow we would pay attention to UK Services PMI figures. In a case of a weaker than expected figures pair could go all the way to 1.5150 level, while better than forecasted figures would push a bit higher but with a resistance around 1.53 handle . Long-term looking, this one of the sell-only markets at the moment, so any rallies should be treated as a selling opportunities. Our long-term target is placed at 1.50 handle.

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