GBP/USD Daily Forecast – 27 November

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Thursday, Nov 26 2015

Sterling was initially pushed lower in the course of the yesterday's session, but area around 1.5050 handle proved to be supportive enough for the third consecutive session, with pair breaking higher by the end of the day. However, pair is still struggling with a resistance above 1.5130 level. As for tomorrow, main market mover will be UK GDP figures.

Weaker than expected figures would push pair further lower, though we expect that 1.5050 handle will hold selling pressure at the moment, while better than forecasted data would bring an uptrend with an initial resistance above 1.5160 area. Long-term looking, we would remain on the sidelines for this pair at the moment. There is plenty of support all the way to 1.50 handle and until we see break below it, we cannot place any larger selling bids. Buying is not an option at the moment.

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