GBP/USD Daily Forecast – 14 April

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Wednesday, Apr 13 2016

Sterling went back and forth in the course of the yesterday's session, finally going lower all the way to 1.42 handle after 1.4280 level proved to be too resistive at the moment. Focus of tomorrow's session will be on BoE interest rate decision and the following Minutes. Pair is likely to find support around 1.4130 level, at least initially, and resistance above 1.4280 and 1.4330 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. However, we do recognize that there is more bearish pressure in the pair at the moment.

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