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 - 07 February
Though there were no major data releases from the UK, yesterday, Sterling continued its decline and fell all the way to 1.3850 handle in the course of the session where it found some amount of support and managed to rebound by the end of the session to a daily closing around 1.3950 area. 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 1.3850 area initially, while area above 1.4050 handle should offer some amount of resistance.
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