Pair is likely to find support around 1.5630 level, so this would be our short-term buying point and resistance above 1.5750 level so this is where we would consider selling the pair. Long-term looking, trend in this pair is unclear as it remains within its 200 points consolidation range. Even if we break higher, we would not consider buying the pair until we see break above 1.60 handle. Pair definitely has more bearish potential but at the moment we remain on a sidelines waiting for some kind of signal.
GBP/USD Daily Forecast - 12 December
Sterling went back and forth during the session on Thursday, finally setting around 1.57 handle. It initially aimed higher but pulled back finding area around 1.5750 level to be too resistive at the moment. On the other hand it found support around 1.5650 level in order to rebound despite US data pushing it down. Since there will be no major data releases form the UK we expect steadier morning part of the session with volatility coming from the US data.
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