Community Forecasts December 14-18: GBP/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/USD currency cross was moving mostly to the north during the previous trading week. The British pound lost more ground against the US dollar on Monday, with the Greenback chipping away as investors focus on the differences in the trans-Atlantic interest rate outlook. However, the pair surged higher, thanks to the weak US dollar, which was losing broadly on Wednesday while traders were mostly focus on Thursday's Bank of England (BoE) monetary policy decision. On Friday, the Pound was trading at its highest levels since November 20, as a glowing review of the UK's performance from the IMF meant a blind eye was turned to the largely positive US data. Meanwhile, the Bank of England decided to leave monetary policy unchanged, with interest rates remaining at 0.5%. The Friday's Dollar decline was also a surprise as data released in the US back on Friday was generally positive, with US retail sales rising 0.2% in November after an uptick of 0.1% in October. This was followed by the University of Michigan's consumer sentiment index which rose to 91.8 in November up from October's 91.3, though a smidgen below expectations of 92.0. 
During December 14-18 time period the Dukascopy Community members are undecided in terms of pair's movement. As predicted by traders, the GBP/USD may close around the 1.508 level this Friday. Concerning important news from Britain, market participants can pay attention to the release of retail sales  on Thursday. The US, in turn, is to produce reports on manufacturing activity in Philadelphia region and initial jobless claims in the same day.

© Dukascopy Bank SA

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