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GBP/USD Weekly Forecast – 21 December – 25 December

Friday, Dec 18 2015

After mixed UK data, and Fed's interest rate decision Sterling was pushed lower during the last week, even breaking below 1.49 handle and testing 1.4860 level as a support. By he end of the week pair managed to rebound slightly, but break below 1.49 handle is of course quite negative sign so we expect that pair could go much lower. Next week, some market movements can be expected with US Durable Goods Orders data and UK Current Account figures, though we expect it to be less volatile due to holiday season.

Pair is likely to find support around 1.48 level, as this area proved to be major support based on a long-term charts, so this would be our buying point and resistance above 1.50 handle so this is where we would consider selling the pair. In long-term trends we have no interest in buying this pair at the moment, as we cannot mark this pair as being in an uptrend as long as we are below 1.53 handle and it seems that pair will not return to this area any time soon. If we see break below recent lows we would be more than willing to start selling the pair.

More in this category: « AUD/USD Weekly Forecast – 21 December – 25 December EUR/USD Weekly Forecast – 21 December – 25 December »

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