GBP/USD Daily Forecast - 01 March

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Wednesday, Feb 28 2018

GBP/USD Daily Forecast - 01 March

Sterling fell in the course of the yesterday's session, going all the way to below 1.38 handle, with a daily closing around 1.3770 area. Decline was mostly due to Brexit concerns as well as overall strengtheing of US dollar. Tomorrow, we would pay attention to UK Manufacturing PMI figures. On a short-term basis, we believe that pair will find some amount of support around 1.3750 and 1.37 area initially, while area above 1.3850 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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