Sterling broke higher in the course of the yesterday's session going all the way to 1.3920 level, where it found some amount of resistance and pulled back in order to finish the session slightly below 1.39 handle. Decline was mostly caused by overall weakening of US dollar. Tomorrow, we would pay attention on US figures. On a short-term basis, we believe that pair will find some amount of support around 1.3850 and 1.38 area initially, while area above 1.3980 handle should offer some amount of resistance.

On a long-term basis we would be on the sidelines for this pair, however, selling is not an option, after this rebound. We expect next major support around 1.35 handle and resistance above 1.40 area.

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