GBP/USD Daily Forecast - 06 March

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Monday, Mar 05 2018

GBP/USD Daily Forecast - 06 March

Sterling formed support around 1.3770 area in the course of the yesterday's session and being supported by rtaher good UK Services PMI figures pair was pushed higher going all the way to 1.3880 level where it found some amount of resistance and was then pushed lower in otder to finish the session near 1.3850 handle. As for tomorrow, we expect bit steadier session as there will be no major dana releases. On a short-term basis, we believe that pair will find some amount of support around 1.38 and 1.3770 area initially, while area above 1.39 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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