GBP/USD Daily Forecast – 16 March

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Tuesday, Mar 15 2016

Sterling continued its downtrend in the course of the Tuesday's session going all the way to 1.4150 handle where pair found some amount of support. Though there were no major data releases decline is mostly due to Brexit concerns. Tomorrow,focus will be on UK job figures and Fed's rate decision as well as following press conference. Any type of supportive candles around 1.4050 level and 1.40 area, would be short-term buying signal, while resistive candles above 1.4250 and 1.43 area in extension, would offer short-term buying opportunity.

In long-term trends, with this latest decline we would remain on the sidelines for this pair, as it clearly is not strong enough to break above 1.45 handle at the moment, and we can expect pull back all the way to 1.40 handle, where we can expect some amount of support.

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