GBP/USD Daily Forecast - 29 March

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Monday, Mar 28 2016

Sterling broke higher in the course of Monday's session, going all the way to 1.4250 handle, though there were no data releases and UK banks were closed in observance of Easter Monday holiday. Pair now formed strong support at 1.41 handle. Tomorrow pair is likely to find support around 1.42 level and resistance above 1.4330 area.

Long-term looking, despite continuation of a rebound, we have no interest in buying the pair at the moment, as long as we are below 1.43 handle. However, pair has significant amount of support between 1.41 and 1.40 handle, so supportive candles in that general area could offer nice short-term buying opportunity.

Last modified on Monday, 28 March 2016

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