GBP/USD Daily Forecast – 07 March

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Friday, Mar 04 2016

Sterling was pushed all the way to 1.41 handle on Friday, after US NFP figures, but managed to rebound by the end of the session, breaking above 1.42 handle, but finding resistance around 1.4250 level. As for Monday, any type of supportive candles around 1.4150 level and 1.41 area, would be short-term buying signal, while resistive candles above 1.4250 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, as we see 1.43 handle as a ceiling for the pair at the moment, and resistance near this area would be selling signal, as well as break below 1.40 handle. However, if we see break above 1.43 handle we believe that pair will go as high as 1.45 handle. Selling is not an option at the moment.

More in this category: « AUD/USD Daily Forecast – 07 March EUR/USD Daily Forecast – 07 March »

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