GBP/USD Daily Forecast – 19 April

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Monday, Apr 18 2016

Sterling was initially pushed lower in the course of the Monday's session, but then formed support around 1.4130 handle and was bounced out all the way to 1.43 handle, where it found some amount of resistance and pulled back slightly by the daily closing, thus having a similar session to Friday one. There will be no major data releases from the UK on Tuesday, so pair is likely to find support around 1.4150 level, at least initially, and resistance above 1.43 and 1.4350 area in extension.

Long-term looking, as there is no clear trend at the moment, with 1.40 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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