GBP/USD Daily Forecast – 04 December

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Thursday, Dec 03 2015

Sterling managed to rebound in the course of the yesterday's session mostly influenced by ECB Meeting. Pair broke above 1.50 handle, that was expected to offer some amount of resistance and went as high as 1.51 handle. With massive amount of volatility at the markets at the moment, main market mover tomorrow will be NFP report.

Weaker than expected figures would push pair all the way to 1.5150 area initially and near 1.52 handle in extension which is next major resistance. On the other hand better than forecasted data would probably bring pair back to 1.50 handle or even below it. Long-term looking, despite this rebound, we believe it is best to stay on the sidelines for this market. We are not interested in buying it until we see break above 1.5250 handle, and believe that recent break below 1.50 handle indicates that there is plenty of bearish pressure in the pair. If we see break below this area once again we would be willing to continue selling the pair.

More in this category: « AUD/USD Daily Forecast – 04 December EUR/USD Daily Forecast – 04 December »

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