GBP/USD Daily Forecast - 20 December

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Monday, Dec 19 2016

GBP/USD Daily Forecast - 20 December

There were no major data releases from the UK yesterday. With the dollar expected to be bullish in 2017 and with the Brexit process also beginning in March 2017, bringing with it the risks and the confusion that is going to cloud the entire process with the UK leaders and the Euro leaders finding it difficult to gain common ground so far. We also had the MPC meeting minutes and rate announcement with the members choosing to keep the rates intact and painting a grim picture of the economy with the Brexit process looming ahead.

In the US session services PMI data was published. Adjusted for seasonal influences, the Markit Flash U.S. Services PMI™ Business Activity Index posted 53.4 in December, down slightly from 54.6 in November but above the 50.0 no-change value for the tenth consecutive month. The average reading for the final quarter of 2016 (54.2) pointed to the steepest upturn in service sector output since Q4 2015.

There will be no major data releases both from the UK and USA tomorrow, so we can expect a bit steadier session.

More in this category: « AUD/USD Daily Forecast - 20 December EUR/USD Daily Forecast - 20 December »

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