GBP/USD Daily Forecast – 07 December
Sterling was initially pushed lower in the course of the session on Friday, but found area around 1.5080 level to be supportive enough in order to rebound and once again broke above 1.51 handle. Pair is still in an uptrend, but we do recognize that above 1.5150 level significant amount of resistance starts that extends all the way to 1.53 handle.
As for Monday, with no major data releases we expect a bit steadier session in which any type of supportive candles around 1.5080 and 1.5050 level in extension would offer short-term buying opportunity, while resistive candles around 1.5160 area could be short-term selling signal. In long-term trends, despite this uptrend we would not consider buying this pair until we see break above 1.53 handle. Also, we believe that given enough time pair will pullback to 1.50 handle or even below it.
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