GBP/USD Daily Forecast – 09 May

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Friday, May 06 2016

After it initially broke above 1.45 handle and went all the way to 1.4550 area due to weaker than expected NFP figures, Sterling did not manage to hold onto gains and went as low as 1.4420 area, where it found some amount of support. Despite the pullback, 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. On Monday, pair is likely to find support around 1.44 level, at least initially, and resistance above 1.45 and 1.4530 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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