GBP/USD Daily Forecast – 05 May

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Wednesday, May 04 2016

Sterling tried to break higher in the course of the yesterday's session but found significant amount of resistance above 1.4570 area in order to pullback all the way to 1.45 handle and even below it. It seems that pair has plenty of support all the way to 1.44 handle, so we have no interest in selling it at the moment. Tomorrow, pair is likely to find support around 1.4450 level, at least initially, and resistance above 1.4570 and 1.46 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.

More in this category: « AUD/USD Daily Forecast – 05 May EUR/USD Daily Forecast – 05 May »

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