15.01.202504:37 Forex Analysis & Reviews: Forecast for GBP/USD on January 15, 2025

Relevance up to 21:00 2025-01-15 UTC--5

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

As of Monday, the British pound closed with a small candlestick body on Tuesday, indicating a period of consolidation with the potential for a downward movement. As a result, the nearest support level at 1.2036 is likely to be broken, and the price may target the range of 1.1930 to 1.1950.

Today, a comprehensive set of inflation data for December from the UK will be released. The forecast for the headline Consumer Price Index (CPI) is expected to remain at 2.6% year-on-year, while the core CPI is projected to decline from 3.5% year-on-year to 3.4% year-on-year. There is a possibility that the pound's consolidation above the 1.2186 level will come to an end today. Additionally, inflation data from the US will be released, which could lead to market surprises.

On the four-hour chart, the price is hesitant to continue rising, as indicated by the neutrality of the Marlin oscillator, which is hovering around the zero line. The price may make a quick move to test the MACD line at 1.2258 and could drop below 1.2186. However, if the price receives support from the inflation figures and resumes growth, a breakout above 1.2294 would open the path to a target of 1.2367. Beyond this level, the pound could enter a "free roaming zone" up to the resistance level at 1.2510. While this is an alternative scenario, the pound could still surprise us.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.