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GBP/USD Daily Forecast – 18 February

Wednesday, Feb 17 2016

Sterling was initially pushed higher in the course of the session on Wednesday, but found area around 1.4340 level to be resistive enough in order for pair to pullback by the end of the session below 1.43 handle. There will be no data releases tomorrow so we can expect a bit steadier session. 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 1.4350 handle so this is where we would consider placing short-term selling bids.

Long-term looking, 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, though initial target is set at 1.41 handle. With that being the case we would use rallies as selling opportunities.

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