GBPUSD Daily Forecast: March 09 2016

The GBPUSD had a bearish momentum yesterday bottomed at 1.4173. The bias is bearish in nearest term testing 1.4130 which is a good place to buy with a tight stop loss targeting 1.4300 – 1.4500. A clear break and daily close below 1.4130 would be a threat to the bullish outlook testing 1.4000 area. Immediate resistance is seen around 1.4240. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish bias remains strong testing 1.4300 or higher.