GBP/USD Daily Forecast - 19 December

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Thursday, Dec 18 2014

After it sharply fell on Wednesday, Sterling once again found area around 1.5550 level to be supportive in order to rebound and finish the session few points above 1.5650 area. Supportive for Sterling were also better than forecasted UK Retail Sales figures. Since there will be no data releases from UA tomorrow, main market movers will be UK data, which is of no major impact on the traders.

With that being the case we expect a pair should find support around 1.5580 and 1.5550 level in extension so this is where we would consider buying it, and resistance above 1.57 area which is where we would place our selling bids. Long-term trend is still neutral so we expect a lot of sideways trading in the next few session and therefore remain on the sidelines.

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