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GBP/USD Daily Forecast - 23 December

Monday, Dec 22 2014

Sterling initially went higher during the yesterday's session, but pulled back finishing it just few points above 1.56 handle. Sterling remains within its consolidation range in which it has been in the past few weeks with no clear signs of trend. Tomorrow, we can expect more volatility since both European and US part of the session will offer some interesting data releases.

However, regardless of the figures, we believe that pair is likely to find support around 1.5550 level, which has proved to be a major support for few times now, and resistance above 1.5680 area so these are the areas where we would consider entering short-term buy or sell. Long-term looking, until we do not see some more clear sign of the trend we remain on the sidelines and would not place any larger bids.

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