GBP/USD Daily Forecast – 17 February

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Tuesday, Feb 16 2016

Sterling was initially pushed higher in the course of the session on Tuesday, but found area around 1.4520 level to be resistive enough in order for pair to pullback sharply to all the way below 1.43 handle. Focus of tomorrow's session will be on UK job figures. Pair is likely to find support around 1.42 handle, and 1.4150 handle in extension, as these were major resistive points in the past and resistance above 1.44 handle so this is where we would consider placing short-term selling bids.

Long-term looking, with this breakdown, we have no interest in buying the pair at the moment and even believe that it could reach 1.40 handle if we see break below 1.42 handle. With that being the case we would use rallies as selling opportunities.

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