Pair is likely to find support around 1.5550 level, as this area proved to be major support lately, so this would be our short-term buying point and resistance above 1.5730 level so this is where we would consider selling the pair. In long-term trends it is obvious that pair is still within its consolidation range and with holiday season ahead of us we cannot expect that Sterling will make any huge trend changes in the next few sessions. With that being the case we remain on the sidelines waiting for a more clear signal.
Last modified on Friday, 19 December 2014GBP/USD Weekly Forecast - 22 December - 26 December
Sterling went back and forth during the last week, with a weekly closing few points above 1.56 handle. Downward impact came from UK inflation data and FOMC Press Conference but 1.5550 area proved to be major support for Sterling, once again. 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.
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