Global macro overview for 14/01/2016:
The most anticipated economic event of this week is еру UK rate decision and monetary policy summary statement that will be released at 01:00 GMT. Market participants expect the BoE to leave the interest rate at the current level of 0.5% without any further changes in asset purchase facility as well. The first rate hike is nor expected until the middle of this year and economist are even pushing it out further.
The GBP/USD pair has hit 5-year lows and now investors are adjusting their expectations of a rate hike. In the daily time frame, the next support is seen at the level of .4352 and next resistance is seen at the level of 1.4494.
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