Sterling went back and forth in the course of the last week, with support around 1.3760 level and resistance around 1.39 handle. In the end pair finished the week around 1.3850 handle, despite weaker than expected UK Industrial Production. Next week we would pay attention to UK Budget release.  On a short-term basis, we believe that pair will find some amount of support around 1.3750 and 1.37 area initially next week, while area above 1.3950 handle should offer some amount of resistance.

On a long-term basis, we would be buyers for this pair, as we believe there is still some strength in the pair. Selling is not an option, as long as the pair is above 1.35 handle.

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