GBP/USD Daily Forecast – 11 March

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Thursday, Mar 10 2016

Sterling was pushed initially lower after ECB rate decision, but quickly rebounded and even broke above 1.43 handle, though it pulled back slightly by the end of the session. Tomorrow, we would pay attention to Trade Balance figures. Any type of supportive candles around 1.4250 level and 1.42 area, would be short-term buying signal, while resistive candles above 1.4350 and 1.4380 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, that is we would first like to see decisive break above 1.43 handle, which would then lead pair towards 1.45 area. We have no interest in selling the pair at the moment, but do not expect an easy way up.

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