GBP/USD Daily Forecast - 10 December

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Tuesday, Dec 09 2014

Despite much weaker than expected UK Industrial and Manufacturing Production figures, Sterling found area around 1.5630 level to be supportive at the moment, just as we have suspected, in order to rebound and finish the session above 1.5670 level. We expect less volatile session tomorrow, with only Trade Balance figures being released from the UK.

Any type of supportive candles around 1.5630 level, initially, and 1.56 handle in extension should offer short-term buying opportunity, while resistive candles above 1.5730 area would be short-term selling signal. On a long-term basis, we are still not ready to place any larger bids into this pair as it continues with its sideways trading remaining within consolidation range between 1.5550 and 1.5750. Buying is definitely not an option at the moment, since we would first need to see break above 1.60 handle in order to do so, which does not seem very likely at the moment. However, though pair is likely to target 1.55 handle, we believe it should offer plenty of support so we are not interested in selling before we see break below it.

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