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GBP/USD Daily Forecast - 18 March

Thursday, Mar 17 2016

Sterling was pushed higher in the course of the yesterday's session. Pair went as far as 1.45 handle, but since this is a major psychologically important resistive barrier, pair pulled back slightly by the end of the session. After Wednesday's Fed's rate decision, pair was further supported by BoE's more hawkish stanzas than expected. Tomorrow, we expect some amount of support around 1.44 handle, as this was previously resistance, while area above 1.4550 handle, should offer some amount of resistance.

Long-term looking, despite this uptrend, we still expect a significant amount of resistance above 1.45 handle, so we would first like to see break above this area before placing any larger buying bids. However, we have no interest in selling the pair at the moment.

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