GBP/USD Daily Forecast – 30 November
Sterling spent most of the Friday's session in a decline, despite rather good UK GDP data, which is a sign of obvious bearishness in the pair, but also result of lack of volatility due to US banks being closed in observance of Thanksgiving holidays. Pair broke below 1.51 and even 1.5050 handle which offered some amount of support recently. With Monday, we expect more volatility.
At the moment, area around 1.5030 level is offering some amount of support to the pair, but we expect that pair will find further support at 1.50 handle in a case of a further decline. Area above 1.51 handle should offer some amount of resistance so this is where we would place short-term selling bids. On a long-term basis if we see break below 1.50 handle we would be more than willing to starts selling the market with target set at 1.48 handle. Buying is not an option at the moment.
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