GBP/USD Daily Forecast – 02 December

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Tuesday, Dec 01 2015

After pair was initially pushed lower, it found significant amount of resistance near 1.5130 area and pulled back due to to weaker than expected Manufacturing PMI figures. However, area around 1.5050 handle once again proved to be supportive, though we would not exclude possibility of pair once again testing 1.50 handle as a support.

As for tomorrow, any type of supportive candles around 1.5030, initially, and 1.50 handle in extension would offer short-term buying opportunity, while resistive candles above 1.5130 area would be short-term selling signal. On a long-term basis, though buying is not an option at the moment, we would first like to see decisive break below 1.50 handle, before placing any larger buying bids since this is large, round, psychologically important level.

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