Following are expected trading ranges and outlook for GBP/USD today:

GBP/USD - to trade with risks skewed higher. Supported by subdued investor risk aversion. But GBP/USD topside limited by GBP sales on firmer EUR/GBP cross.

Data focus: 0001 GMT UK December BRC-KPMG retail sales monitor, 0001 GMT UK December RICS UK housing market survey.

Daily chart still negative-biased as MACD & stochastics in bearish mode; 5-day moving average falling; though inside-day-range pattern completed yesterday.

Resistance at 1.5469 (yesterday's high), then at 1.5526 (Friday's high); breach would expose upside to 1.5629 (Thursday's high), then 1.5669 (Jan. 3 high), 1.5690 (Dec. 28 high, near 55-day moving average), 1.5707 (Dec. 23 high) and 1.5727 (Dec. 22 high).

Support at 1.5394 (yesterday's low), then at 1.5374 (Friday's low) and 1.5360 (Dec. 29 3-month low); breach would expose downside to 1.5270 (Oct. 6 swing low), then 1.5123 (July 21, 2010 low).