Sterling was initially pushed lower in the course of the yesterday's session but managed to find some amount of support around 1.3850 handle and managed to rebound in order to finish the session near 1.39 area. 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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