GBP/USD Daily Forecast - 28 February

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Tuesday, Feb 27 2018

GBP/USD Daily Forecast - 28 February

Sterling once again found resistance near 1.40 handle in the course of the yesterday's session and was pushed lower with pair going all the way to 1.3850 after after Fed Chair Powell testimony, where pair found some amount of support and managed to rebound by the end of the session to a daily closing above 1.39 handle. Tomorrow, we would pay attention to US GDP figures. On a short-term basis, we believe that pair will find some amount of support around 1.3850 and 1.38 area initially, while area above 1.40 handle should offer some amount of resistance.

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.

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