Looking ahead in the week, we do not have much news from the UK that is scheduled to be released and so we expect the underlying market themes and flows to dominate the coming week. We are also into the last fortnight of the year when everyone is in a holiday mood and so traders are advised to maintain caution and trade with tight stop losses. We continue to maintain our view that any bounce in this pair is just an opportunity to sell.
Sterling lower in a quiet Monday trade
There were no major data releases from the UK today. With the dollar expected to be bullish in 2017 and with the Brexit process also beginning in March 2017, bringing with it the risks and the confusion that is going to cloud the entire process with the UK leaders and the Euro leaders finding it difficult to gain common ground so far. We also had the MPC meeting minutes and rate announcement with the members choosing to keep the rates intact and painting a grim picture of the economy with the Brexit process looming ahead.
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