GBP/USD Daily Forecast – 01 March

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Monday, Feb 29 2016

After it found support around 1.3850 handle, Sterling managed to rebound in the course of the yesterday's session and managed to break above 1.39 handle. However, this could not be taken as a sign of any serious uptrend, but more as a slight consolidation after huge decline in the course of the last week. As for Tuesday any type of supportive candles around 1.3850 level and 1.38 area, would be short-term buying signal, while resistive candles near 1.3980 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 now when we have seen break below 1.40 handle with initial target set at 1.37 handle, so we would use these type of rallies as just another selling opportunity.

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