GBP/USD Daily Forecast - 08 February

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Wednesday, Feb 07 2018

GBP/USD Daily Forecast - 08 February

Sterling tried to break higher in the course of the yesterday's session but found plenty of resistance near 1.40 handle and pulled back going all the way to 1.3850 area where it found some amount of support and rebounded slightly to a daily closing around 1.3880 level. Tomorrow, focus will be on BoE's Inflation Report and interest rate decision. On a short-term basis, we believe that pair will find some amount of support around 1.3830 and 1.38 area initially, while area above 1.3950 handle should offer some amount of resistance.

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 1.43 handle.

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