GBP/USD Weekly Forecast - 29 December - 02 January

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Friday, Dec 26 2014

Sterling even broke below 1.55 handle at one moment in the course of the last week but managed to rebound and finish it around 1.5550 area. Sterling came under pressure after much better than forecasted US GDP data. Main market mover next week will be UK Manufacturing PMI data, though with New Year holiday and holiday season still there will probably be less volatility at the markets.

Weaker than expected figures would probably cause a downtrend to below 1.55 handle with a short-term support around 1.5450 level. On the other hand better than forecasted data would push pair higher, but with a resistance around 1.5630 level, where we would consider selling the pair. Long-term looking, we believe that this pair could eventually broke lower, so we have no interest in buying it at the moment. However, we would not place any larger bids until we see break below 1.55 handle.

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