GBP/USD Daily Forecast – 03 May

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Monday, May 02 2016

Sterling formed support around 1.46 handle in the course of the yesterday's session and was then pushed higher all the way to near 1.47 handle, where pair found significant amount of resistance and pulled back by the end of the session. Focus of tomorrow's session will be on Manufacturing PMI figures. Pair is likely to find support around 1.46 level, at least initially, and resistance above 1.47 and 1.4730 area in extension.

Long-term looking, as long as we are above 1.44 handle, we would be buyers for this pair, with the initial target set at 1.48 handle. Selling is not an option at the moment.

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