GBP/USD Daily Forecast – 10 March

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Wednesday, Mar 09 2016

Sterling was pushed initially lower after weaker than expected UK Industrial Production figures, but quickly rebounded and broke above 1.42 handle. Tomorrow, we would pay attention to UK CPI figures. Any type of supportive candles around 1.4150 level and 1.41 area, would be short-term buying signal, while resistive candles above 1.43 and 1.4350 area in extension, would offer short-term buying opportunity.

In long-term trends, 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. So, we would remain on the sidelines at the moment.

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