GBP/USD Daily Forecast – 22 February

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Friday, Feb 19 2016

Sterling went back and forth in the course of the session on Friday. Pair was initially pushed higher after better than forecasted UK Retail Sales figures, but then pulled back following US CPI reading, only to finally break once again higher above 1.43 handle. With no major data releases on Monday, pair is likely to find support around 1.4250 handle, and 1.42 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, we have no interest in buying the pair at the moment and even believe that it could reach 1.40 handle if we see decisive break below 1.42 handle, though initial target is set at 1.41 handle. With that being the case we would remain on the sidelines.

More in this category: « AUD/USD Daily Forecast – 22 February EUR/USD Daily Forecast – 22 February »

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