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GBP/USD: forecast for January 25-31

By Kira Iukhtenko

British currency fell to its lowest level since the year of 2009, testing the levels below 1.41. As we expected, the multi-year support area 1.4220/1.40 remains active. The pair entered a corrective phase at the second part of the week. Reversal candle is being formed on the weekly chart.

The pair is trying to form a local bottom. However, for confirmation we need a fix above 1.43. If it happens, the bullish target will switch to 1.4550. If not, another leg lower to 1.40 may occur.

UK economic calendar for the new week is rather light. The BOE Governor Carney is scheduled to speak in London on Tuesday. On Thursday, we’ll watch the preliminary UK Q4 GDP. According to the NIESR forecast, economy grew by 0.6% - up from 0.4% in Q3.

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