Weaker than expected figures would push Sterling higher, but we do expect resistance around 1.5750 level, so this would be our short-term selling point, while better than forecasted data would lead to a decline, but with ultimate short-term support for Sterling around 1.5630 area, where we would consider buying the pair. Long-term looking, there is still no clear trend in this pair. Area above 1.57 handle continues to be resistive and we believe that this resistance stretches all the way to 1.60 handle so buying is not an option at the moment. Pair is likely to hit 1.55 handle, but that area should offer significant amount of support.
GBP/USD Daily Forecast - 11 December
Sterling was pushed higher in the course of the session on Wednesday, finishing it around 1.57 handle, as USD came under pressure due to global concerns. Since there will be no major data releases from the UK tomorrow, focus of the session will be on US Retail Sales figures.
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