GBP/USD Daily Forecast – 24 November

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Monday, Nov 23 2015

Sterling spent most of the yesterday's session in decline, continuing pullback from Friday though there were no major data releases. Pair went all the way to 1.51 handle, which is also a sign that traders are being cautious ahead of tomorrow's Inflation Report.

More dovish tone should push pair even below 1.51 handle with initial support around 1.5050 area, while hawkish stanzas would bring pair back above 1.52 handle, with major resistance around 1.5250 level. Long-term looking, we have no interest in buying this pair at the moment as there is plenty of bearish pressure at the moment. However, since there is plenty of support around 1.50 handle, we would not place any larger selling bids as well. At the moment we would remain on the sidelines.

More in this category: « AUD/USD Daily Forecast – 24 November EUR/USD Daily Forecast – 24 November »

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