GBP/USD Daily Forecast - 29 December

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Friday, Dec 26 2014

Holiday season still affects markets and this was also the case on Friday, when UK banks were closed in observance of Boxing Day, so Sterling spent a steadier session, with a support around 1.5530 level. We believe that pair should find support around 1.55 handle on Monday, as there will be no data releases from the UK, so this is where we would consider buying the pair on a short-term basis.

On the other hand area near 1.5580 level should continue to be resistive so this is where we would sell short-term looking. On a long-term basis, Sterling is still within its consolidation pair, but general outlook is still more bearish so we would be comfortable with selling the pair if we see decisive break below 1.55 handle. Buying is not an option at the moment.

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