GBP/USD Daily Forecast – 04 May

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Tuesday, May 03 2016

Sterling broke above 1.47 handle and went all the way to 1.4770 level, initially yesterday, but then pulled back all the way to 1.4530 area, thus forming a larger shooting star as a daily candle, which is of course a negative sign, but we would still not consider selling the pair, as we expect support all the way to 1.44 handle. Tomorrow, pair is likely to find support around 1.4480 level, at least initially, and resistance above 1.46 and 1.4630 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, but we expect a lot of volatility in the pair.

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