On a long-term basis we would be on buyers for this pair, despite this pullback. Selling is not an option as long as we are above 1.38 handle. We expect next major resistance above 1.45 handle.
GBP/USD Daily Forecast - 06 February
Sterling fell in the course of the yesterday's session being offset by weaker than expected UK Services PMI figures and much better than forecasted ISM Non-Manufacturing PMI report. Pair went all the way to 1.3950 handle by the end of the session. Tomorrow, with no major data releases we can expect a bit of consolidation. On a short-term basis, we believe that pair will find some amount of support around 1.39 and 1.3870 area initially, while area above 1.4050 handle should offer some amount of resistance.
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