GBP/USD Daily Forecast - 24 March

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Wednesday, Mar 23 2016

Sterling continued its downtrend in the course of the Wednesday's session,though there were no major data releases, but Brexit concerns continue to harm the pair. Pair went all the way to 1.41 handle, and even broke below it, but then 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, we would pay attention to UK Retail Sales figures. Pair is likely to find support around 1.40 level and resistance above 1.4180 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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