On a long-term basis we would be on buyers for this pair, though there is currently a lot of volatility. Selling is not an option as long as we are above 1.30 handle.
GBP/USD Daily Forecast – 08 January
Sterling was initially pushed lower in the course of the yesterday's session going all the way to 1.3520 level, where pair found some amount of support and was then pushed higher, being supported by weaker than expected US figures, with pair going all the way to 1.3570 area by the end of the session. On Monday, we expect less volatile session as there will be no major data releases. On a short-term basis, we believe that pair will find some amount of support around 1.3520 and 1.35 area initially, while area above 1.3630 handle should offer some amount of resistance.
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