GBP/USD Daily Forecast - 24 December

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Tuesday, Dec 23 2014

Weaker than expected UK data and better than forecasted US GDP figures pushed Sterling lower during the session on Tuesday, even below 1.55 handle, though by the end of the day it managed to rebound and finish it few points above 1.5510 level. However, we believe that this is a sign of a possible further downtrend and if we see more decisive break below 1.55 handle we would be more than willing to start selling the pair, on a long-term basis.

As for tomorrow, we believe that we are going to witnessed a steadier session since it is Christmas Eve and traders will probably put their trades on pause. Any type of supportive candles around 1.5470-80 area would offer short-term buying opportunity, while resistive candles around 1.5550 level would be short-term selling signal.

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