GBP/USD Daily Forecast – 03 December

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Wednesday, Dec 02 2015

Sterling completely broke down in the course of the yesterday's session, falling below 1.50 handle which was supportive for some time now, and is now certainly heading towards 1.48 handle as next major support.

As for tomorrow, we believe that pair is likely to find some amount of support around 1.4910 level initially, and 1.4850 area in extension, so these would be our short-term buying points, while 1.50 handle should now offer significant amount of resistance, so this is where we would sell the pair at the moment. In long-term trends, now when we have seen break below 1.50 handle we would be strong sellers for this pair, with initial target set at 1.48 handle, though there is possibility that we have see even larger decline. With that being the case we have no interest in buying the pair at the moment.

More in this category: « AUD/USD Daily Forecast – 03 December EUR/USD Daily Forecast – 03 December »

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