FX.co ★ Forecast of GBP/USD for January 26, 2015

The cable fell to multi-year low against the USD. The US dollar is enjoying its bullish run trading at a 12-year high. The cable closed below 1.5000 in the previous week. This week, the cable's fate will decided after tomorrow's UK's prelim GDP and Wednesday's US Federal Reserve's meeting. Today, the focus has shifted to BBA mortgage approvals. It's been in a downtrend for the last 5 months. The cable has a strong support zone between 1.4830 and 1.4800. The pair has the nearest resistance at 1.5036. In case if the pair breaches above 1.5040, it can challenge up to the 1.5080 and 1.5105 levels. Until the prices close below 1.5100, use every rise to sell. The cable has intraday support at 1.4985 and 35DEMA. We recommend fresh selling below the 1.4980 levels. The pound remained at 18-month lows against the USD.