Community Forecasts December 21-25: GBP/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 22 Dec 2015 14:57:03 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
During the December 14-18 trading week the Cable developed in a similar environment as EUR/USD, but temporary upward movements were still sometimes noted. During the first part of the week the Pound was higher against the Dollar in a calm session on Monday. The UK calendar offered no macro data, while the overall market sentiment was driven by Federal Reserve's decision. On Wednesday, the Pound posted small advance on the back of the latest set of inflation data, which matched analysts' projections and also showed a minor improvement measured on an annual basis. Nevertheless, the Sterling hardly moved after a raft of UK labor data. The fresh labor market data showed the jobless rate inched lower to 5.2% in the quarter to October, compared to the 5.3% seen previously, while average weekly earnings excluding bonuses decelerated again to 2%, down from a revised 2.4%. A lack of fundamentals on the UK schedule left the GBP/USD pair in consolidation mode on Friday and at the mercy of broader market sentiment. 
In course of this working week, Dukascopy Community members forecast the GBP/USD pair to drop further, as almost 56% of all votes stay bearish. On Wednesday, the UK  is to release quarterly data on the current account, as well as a final report on third quarter economic growth. Among American news, in the same day, there will be a release of data on durable goods orders, personal spending, new homes sales, consumer sentiment and crude oil inventories. 

© Dukascopy Bank SA

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