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15.01.2025 04:37 AM
Forecast for GBP/USD on January 15, 2025

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.

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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.

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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.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
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