GBP/USD Daily Forecast - 23 March

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Tuesday, Mar 22 2016

Sterling continued its downtrend in the course of the Tuesday's session, offset by weaker than expected UK CPI figures. Pair went all the way to 1.42 handle, where it found some amount of support. This is a sign that pair is not strong enough at the moment and it possible that it will now head towards recent low at 1.40 handle. Tomorrow, pair is likely to find support around 1.4150 level and resistance above 1.4250 area.

Long-term looking, with this pullback, we have no interest in buying the pair at the moment, as pair could now head towards 1.40 handle, where we can expect significant amount of support. As long as 1.45 handle is resistive we would not place any larger buying bids at the moment.

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