GBPUSD Daily Forecast Oct 11 2018

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GBPUSD: Bullish, Eyes The 1.3295 Levels!

The GBPUSD maintained a bullish momentum yesterday, bottomed at the 1.3129 levels, topped at the 1.3214 levels.

This development leaves the pair targeting the 1.3295 levels, a halt is likely and a reversal may occur, however; a breakthrough the 1.3295 levels will aim the 1.3362 levels, further upside, resistance comes at the 1.3445 levels

On the downside, support comes at the 1.3178 levels ahead of the 1.3129 levels (main), below 1.3129 will reverse risk to the downside and pave the way to the 1.3000 levels, further down, support stands at the 1.2933 levels.

Conclusion: The GBPUSD faces upside threats above the 1.3129 levels…

Support: 1.3178, 1.3129,1.3000, 1.2933

Resistance 1.3214, 1.3295, 1.3362, 1.3445

Key data/events which may affect GBPUSD today:

  • U.S  Inflation Data

U.S data may bring a buying opportunity for GBPUSD

The U.S will report on consumer price index for Sep today at 12:30 GMT. The indicator is expected to remain unchanged at 0.2% as the previous month. Any reading above 0.2% will support the USD while any reading below 0.2% will support the GBP against the USD.

Core CPI is expected to rise 0.2%, from 0.1% in the preceding month. Any reading above 0.2% will support the USD while any reading below 0.2% will support the GBP against the USD.

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