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. We expect next major resistance above 1.40 handle.
GBP/USD Daily Forecast – 18 January
Sterling formed support around 1.3760 area in the course of the yesterday's session and was then pushed higher going all the way to 1.3940 level, where it found significant amount of resistance and pulled back to 1.3860 area by the end of the session. As for tomorrow, we would pay attention to US figures. On a short-term basis, we believe that pair will find some amount of support around 1.38 and 1.3780 area initially, while area above 1.3950 handle should offer some amount of resistance.
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