On a long-term basis we would be on the sidelines for this pair, however, selling is not an option. We expect next major support around 1.35 handle and resistance above 1.40 area.
GBP/USD Daily Forecast - 16 March
Sterling went back and forth in the course of the yesterday's session with support around 1.3920 area and resistance above 1.3980 level but it in the end broke lower and finished the session around 1.3930 area. As for tomorrow, we would be focused on US figures. On a short-term basis, we believe that pair will find some amount of support around 1.39 and 1.3880 area initially, while area above 1.40 handle should offer some amount of resistance.
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