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Sterling lower in a quiet Monday trade

Monday, Dec 07 2015
There were no major data releases from the UK today, with Sterling declining a bit, after last week's recovery due to ECB stanzas. A number of major banks forecast sharp falls for sterling over the next year in their 2016 outlooks this week, Morgan Stanley predicting a fall to $1.40 in a year's time and Deutsche Bank sticking with an earlier forecast of $1.27 for 2016. 
 
A number of major banks are calling for a weakening of the pound over the next year, given risks to growth and investment from tighter fiscal policy and the prelude to a vote on whether Britain should leave the European Union. "It all depends on the BoE from here, whether they want to push back rate hike expectations or continue to express concern about low inflation" said Nawaz Ali, market analyst at Western Union. "But given how stretched positions were in the euro, the single currency still probably has room to move higher."
 
Sterling is currently being traded around 1.5080 area. Pair is likely to find support around 1.5050 handle and resistance above 1.5130 level. There will be no major data releases in the rest of the session.
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