GBP/USD Weekly Forecast – 28 December – 01 January
Though there was lack of volatility during the last week, with holiday season beginning Sterling was initially pushed lower, all the way to 1.48 handle, where it found some amount of support and managed to rebound significantly by the week's closing breaking above 1.49 handle.
As for next week, with no major data releases and with holiday season continuing we expect a bit less volatile sessions in which any type of resistive candles around 1.50 handle should offer short-term selling opportunity, since this area seems to be a bit of a top for the pair at the moment, while supportive candles around 1.4850 and 1.48 handle in extension would be short-term selling signal. On a long-term basis, we have no interest in buying this market, despite rebound in the past two sessions, since it seems there is plenty of bearish pressure in it. If we see break below last week's low we would be more than willing to continue selling the pair.
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