GBP/USD Daily Forecast – 10 May

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Monday, May 09 2016

Sterling was initially pushed higher in the course of the yesterday's, but found area around 1.4480 level to be too resistive at the moment, with pair pulling back all the way to 1.44 handle, thus forming a shooting star. On Tuesday, pair is likely to find support around 1.4370 level, at least initially, and resistance above 1.4480 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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