GBP/USD Daily Forecast – 07 April

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Wednesday, Apr 06 2016

Sterling spent most of the Tuesday's session in a decline, going as low 1.40 handle, which offered significant amount of support, with pair rebounding and breaking above 1.41 handle by the end of the session. This is just a continuation of recent consolidation, with pair just going back and forth, without any clear trend. Tomorrow, pair is likely to find support around 1.40 level, recent low, and resistance above 1.4180 and 1.42 area in extension.

Long-term looking, as there is no clear trend at the moment, with 1.140 handle being the floor and 1.45 handle as a ceiling for the pair, we believe it is best to stay on the sidelines.

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