GBP/USD Daily Forecast – 01 December

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Monday, Nov 30 2015

Sterling was initially pushed lower in the course of the session on Monday, testing 1.50 handle as a support. Pair found it there, and by the end of the session managed to rebound forming a hammer as a daily candles. Tomorrow we can expect a lot of volatility.

Pair is likely to find support around 1.50 handle initially tomorrow, and 1.4970 area in extension, while resistive candles above 1.5070 area should offer some amount of resistance. In a case of a larger rebound next resistance is at 1.51 handle. Long-term looking, we believe that this pair will head lower, but we would wait for a decisive break below 1.50 handle before placing any larger selling bids. Buying is not an option at the moment.

More in this category: « AUD/USD Daily Forecast – 01 December EUR/USD Daily Forecast – 01 December »

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