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 - 23 February
Sterling fell initially in the course of the yesterday's session, after weaker than expected UK GDP figures, but found some amount of support around 1.3850 area and managed to rebound by the end of the session to a daily closing above 1.3950 level. As for tomorrow, we expect less volatile session as there will be no major data releases. On a short-term basis, we believe that pair will find some amount of support around 1.3880 and 1.3850 area initially, while area above 1.40 handle should offer some amount of resistance.
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