Resistive candles around 1.5750 level should offer short-term selling opportunity, while supportive candles around 1.5680 level and 1.5650 area should be short-term buying signal. Long-term looking, we would avoid this pair until we get more clear picture which is likely to happen next week when all the major UK data is scheduled for a release. Area above 1.5850 level should offer significant amount of support even if we break higher so we are from buying this pair.
GBP/USD Daily Forecast - 15 December
Sterling went back and forth in the course of the session on Friday, essentially doing nothing finishing it around 1.5710 level. Weaker than expected US PPI figures pushed it a bit higher but 1.5750 area proved to be too resistive for Sterling at the moment. We believe that this is the scenario we are about to witness on Monday as well since there will be no major data releases from the UK.
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