Sforex
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Sterling: Test month low, Could Sterling break it ?

FX:GBPUSD   British Pound/U.S. Dollar
209 0 2
Last two weeks, the price action of GBPUSD             made all traders to be surprised when it dropped more than 200 pips from SMA200 to month low at 1.5020; the main reason is traders still think that BOE is more hawkish than ECB and the hope for rate hike doesn't destroyed, and UK economic data in November were not bad at all, so why did market punish Sterling ?

I think there is some impact from Eurozone on UK, and traders see that current level of Sterling is too high, so they drive Sterling lower.

GBPUSD             now stops at month low at 1.5020

The question is Could Sterling break this strong support ?

No major UK data this week, so we don't hope a signal from UK, shift eyes to US data to find more clue.

I think US data could provide enough fuel for GBPUSD             to move lower.

If G/U breaks 1.5020,there is no meaningful support until year low at 1.4580

I am pricing GBPUSD             to 1. 4800            

So let the market moves.

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