GBP/USD Daily Forecast – 06 November

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Friday, Nov 03 2017

GBP/USD Daily Forecast – 06 November

Sterling formed support around 1.3040 area in the course of the Friday's session and was then pushed higher, but found resistance above 1.3130 level and after better than forecasted US NFP figures pair pulled back to a daily closing slightly above 1.3060 area. We can expect a less volatile session on Monday with no major data releases. On a short-term basis, we believe that pair will find some amount of support around 1.3030 and 1.30 area initially, while area above 1.3130 handle should offer some amount of resistance.

On a long-term basis we would be on buyers for this pair, despite recent pullback. Selling is not an option as long as we area above 1.30 handle.

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