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.
GBP/USD Daily Forecast - 09 March
Sterling spent yesterday's session in a decline going all the way to 1.38 handle by the end of the session, where pair found some amount of support. With no major data releases, decline was mostly due to overall strengthening of US dollar. Focus of tomorrow's session will be on UK Industrial Production figures. On a short-term basis, we believe that pair will find some amount of support around 1.3750 and 1.37 area initially, while area above 1.39 handle should offer some amount of resistance.
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