GBP/USD Daily Forecast – 03 March

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Wednesday, Mar 02 2016

Sterling spent most of the yesterday's session in an uptrend going all the way to above 1.4050 handle, which is of course bullish sign, since 1.40 handle was expected to offer significant amount of resistance, being round psychologically important level. As for tomorrow, any type of supportive candles around 1.4050 level and 1.40 area, would be short-term buying signal, while resistive candles above 1.4150 area, would offer short-term buying opportunity.

In long-term trends, despite this uptrend we still have no interest in buying the pair at the moment, and we would be strong sellers now when if we once again see break below 1.40 handle with initial target set at 1.37 handle, so we for now use rallies that show signs of exhaustion as a selling opportunity.

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