In long-term term trends, if we see more decisive break above 1.28 handle we would even consider buying British pound as it could then reach 1.30 handle, but it seems that pair has plenty of resistance above 1.27 area. We have no interest in selling the pair at the moment, despite this pullback.
GBP/USD Weekly Forecast – 19 December – 23 December
Sterling tried to break more decisively above 1.27 handle in the course of the last week, but in the end found this area to be too resistive at the moment with pair pulling back all the way to 1.2370 where it found some amount of support, with pair rebounding by the end of the week all the way to 1.25 handle. Next week, with no major data releases and with holiday season approaching we can expect a bit less volatility. Any type of supportive candles around 1.24 and 1.2350 handle would be short-term buying signals, while resistive candles above 1.26 and 1.27 area would be selling signals.
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