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 - 12 March
Sterling broke higher in the course of the Friday's session despite weaker than expected UK Industrial Production figures, with pair going all the way to 1.3880 area, where it found some amount resistance and pulled back in order to finish the session around 1.3850 handle. With no major data releases on Monday we expect a bit steadier session. On a short-term basis, we believe that pair will find some amount of support around 1.38 and 1.3750 area initially, while area above 1.39 handle should offer some amount of resistance.
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