GBP/USD Weekly Forecast – 07 December – 11 December

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Friday, Dec 04 2015

After it was initially pushed lower and went all the way to 1.49 handle, Sterling managed to completely recover by the end of the week mostly supported by recent ECB stanzas. After the news on Thursday pair easily broke above 1.50 handle and went all the way to 1.5150 area. This level offers some amount of resistance at the moment, and this resistance goes all the way to 1.53 handle. Focus of the next week will be on BoE rate decision and the following Minutes.

More dovish stanzas would cause a pullback to 1.50 handle or even below it, while hawkish tone would probably lead towards break above 1.52 handle and next resistance at 1.5250 area. Long-term looking, we have no interest in buying this pair, despite its recent uptrend. We believe it is only matter of time before pair goes back to 1.50 handle or even below it so we would use any type of resistive candles an higher levels as a selling opportunity. If we see break above 1.53 handle we would reassess the situation.

More in this category: « AUD/USD Weekly Forecast – 07 December – 11 December EUR/USD Weekly Forecast – 07 December – 11 December »

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