GBP/USD Daily Forecast – 08 December

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Monday, Dec 07 2015

Sterling spent most of the Monday's session in decline, going all the way to 1.5050 handle where pair found some amount of support. There were no major data releases, but traders are being cautious ahead of BoE rate decision later in the week. Tomorrow's session will be marked by UK Industrial Production figures.

Weaker than expected figures would push Pound further down with initial support around 1.5050 and 1.5030 level in extension, while better than forecasted data would bring once again break above 1.51 handle with resistance around 1.5130 area. Long-term looking, we believe that there is plenty of resistance for this pair around 1.52 handle and therefore we are not interested in buying this pair. If we see break below 1.50 handle we would be willing to consider selling the pair with initial target set at 1.48 handle.

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