GBP/USD Daily Forecast – 17 March

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Wednesday, Mar 16 2016

After initial decline in the course of the yesterday's session, despite rather good UK job figures, Sterling managed to rebound completely after FOMC interest rate decision and the following statement and even broke above 1.42 handle. Tomorrow, focus will be on BoE Meeting Minutes. Any type of supportive candles around 1.41 level and 1.4080 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, despite this rebound, we would not place any larger buying bids at the moment, since we believe there is plenty of resistance for this pair all the way to 1.45 handle. On the other hand, we also recognize that 1.40 handle offers significant amount of support at the moment, so with that being the case we would remain on the sidelines.

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