Sterling formed support around 1.3840 area in the course of the yesterday's session and then broke higher going all the way to 1.39 handle by the end of the session. Focus of tomorrow's session will be on UK Budget Release. On a short-term basis, we believe that pair will find some amount of support around 1.3840 and 1.38 area initially, while area above 1.3950 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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