GBP/USD Daily Forecast - 16 December

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Monday, Dec 15 2014

Sterling spent most of the session on Monday in decline, with a daily closing just few points above 1.5630 level. Decline is mostly due to traders being cautious ahead of UK CPI and job figures as well as FOMC Meeting. Focus of the session tomorrow will be on UK CPI data.

Weaker than expected figures would push Sterling down, with a support around 1.5550 level, where supportive candles would offer short-term buying opportunity. On the other hand, better than forecasted data would cause uptrend but it should be limited with 1.57 handle where we can expect resistance. On a long-term basis, we would remain on the sidelines for this pair until we see this week figures and some more clear sign of an overall trend.

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