GBP/USD Daily Forecast - 18 December

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Wednesday, Dec 17 2014

Sterling finished yesterday's session around 1.5550 level. It was quite eventful session, though UK job figures and BoE Meeting Minute had less impact on the market than they usually have since traders were cautious ahead of FOMC. FOMC statement pushed Sterling a bit higher initially, but with almost immediate pullback.

As for tomorrow, main market mover will be UK Retail Sales figures. Weaker than expected figures would push pair lower with a support around 1.55 handle, while better than forecasted data would cause an uptrend to 1.5630 area, where we can expect some amount of resistance. Long-term looking we have remain on the sidelines for this pair as it continues being traded within its consolidation range between 1.55 and 1.5750 level. Not until we see either break below 1.55 handle or above 1.60 area would we place any larger bids.

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