GBP/USD Daily Forecast - 09 February

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Thursday, Feb 08 2018

GBP/USD Daily Forecast - 09 February

Sterling formed support around 1.3850 area in the course of the yesterday's session and was pushed higher going all the way to 1.4060 level after hawkish BoE stanzas, however pair found some amount of resistance there and pulled back to a daily closing around 1.3950 level. Focus of tomorrow's session will be on UK Industrial Production figures. 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.

On a long-term basis we would be on buyers for this pair. 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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