On a long-term basis we would be on the sidelines for this pair, however, selling is not an option. We expect next major support around 1.35 handle and resistance above 1.40 area.
GBP/USD Daily Forecast - 15 February
After initial decline Sterling formed support around 1.38 handle and was then pushed higher in the course of the yesterday's session going all the way to 1.40 level, around which it finished the session, mostly being supported by weaker than expected US figures.. Tomorrow, we would again be focused on US reports. On a short-term basis, we believe that pair will find some amount of support around 1.3950 and 1.39 area initially, while area above 1.4050 handle should offer some amount of resistance.
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