On a long-term basis we are more interested in selling the pair at the moment and would use any rallies as selling opportunities. Buying is not an option at the moment.
GBP/USD Weekly Forecast – 13 March – 17 March
Sterling spent yesterday's session in decline going all the way to below 1.22 handle, below which it finished the week. UK budget release stands behind this decline as well as Brexit uncertainties. Next week we would pay attention to BoE interest rate decision and FOMC rate decision and the following press conference. On a short-term basis, we believe that pair will find some amount of support around 1.21 and 1.20 area initially next week, while area above 1.23 handle should offer some amount of resistance.
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