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GBP/USD Daily Forecast – 22 December

Monday, Dec 21 2015

Sterling went back and forth in the course of the Friday's session, with support around Friday's lows at 1.4880 level, but being unable to break above 1.4930 level. As for tomorrow, we expect some amount of support around 1.4860 level, at least initially, since this was last week's low, while area around 1.4950 level should offer some amount of resistance.

On a long-term basis, we have no interest in buying this pair, since there is plenty of resistance for it above 1.50 handle and extending all the way to 1.53 handle. We believe that it will head first towards 1.48 handle, and if we see break below this area it could go even further lower. However, we would keep in mind that we can now expect a bit less volatility with Christmas holidays approaching. 

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