GBP/USD Daily Forecast - 22 December

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Friday, Dec 19 2014

Sterling finished Friday's session few points above 1.56 handle, declining after it unsuccessfully tried to hit 1.57 handle. With no major data releases from the UK on Monday, we cannot expect much volatile session, and in addition to that it is beginning of the week which would be marked by Christmas holiday.

Any type of supportive candles around 1.5550 level would be short-term buying opportunity, while resistive candles above 1.5650 and 1.57 handle in extension should be short-term selling signal. In long-term trends buying is not an option for this pair. We believe that this market will continue going back and forth and for that reason any larger bids are not possible at the moment, at least not until we see either break below 1.55 handle or above 1.60 area, what does not seem likely in the near future.

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