GBP/USD Daily Forecast – 24 February

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Tuesday, Feb 23 2016

Sterling continued its decline during the yesterday's session, testing area around 1.40 handle for a support and bouncing out slightly. Besides Brexit concerns, dovish comments from BoE officials on interest rates added additional pressure on the pair. With no major data releases tomorrow, we can expect a bit steadier session. Any type of supportive candles around 1.40 level and 1.3960 area, would be short-term buying signal, while resistive candles above 1.41 area, would offer short-term buying opportunity.

In long-term trends we have no interest in buying the pair at the moment, and we would be strong sellers as soon as we see break below 1.40 handle. However, this is a major support based on a long-term charts so it may take several attempts to get below it.

More in this category: « AUD/USD Daily Forecast – 24 February EUR/USD Daily Forecast – 24 February »

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