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GBP/USD could reach $1.58
GBP/USD has now seen over 200 pips added over the last week as the five-month move lower finally looks to be becoming exhaustive. The month of December might be quieter in terms of equity trading volumes, but is arguably the most important for the retail markets. Retail sales in the run up to year-end will help analysts interpretate how strong consumer confidence is.
OPEC’s meeting today will also be watched by currency traders as the perception that the OPEC nations will not reduce output could see oil continue to collapse and global inflation continue to drop.
For the time being, a rangebound trading pattern between $1.56-$1.58 could emerge as a lateral move materialises waiting for either moving averages to move lower, or a shift in the trend of economic data releases from the US.