GBP/USD Daily Forecast - 30 March

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Tuesday, Mar 29 2016

Sterling initially tested 1.42 handle as a support in the course of the Tuesday's session, and in fact found it, and then turn around and broke decisively above 1.4350 handle, forming a large hammer that indicates that pair could now reach 1.45 handle. However, the pair is still within large consolidation range between 1.40 and 1.45 handle. Tomorrow pair is likely to find support around 1.43 level and resistance above 1.4480 area.

Long-term looking,now when we have seen break above 1.43 handle, we believe pair could reach 1.45 handle given enough time and thus we would be buyers on a break above day's high as well as pullbacks that show signs of support. Selling is not an option at the moment.

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