GBPUSD Daily Forecast Aug 11 2020

Forex pound 98656

GBPUSD: Consolidates With Upside Bias…

The outlook in GBPUSD has turned neutral with risk to the upside, support comes at the 1.2978 levels while resistance comes at the 1.3210 levels. On the upside, above 1.3210 restores the upside momentum and target 1.3283 levels. A halt is likely, it may test 1.3210 before attempts to break above 1.3283 levels. (It may also spike to 1.3283 before closing below 1.3210). Anyway; above 1.3283 aims the 1.3420 levels, further upside, resistance comes in the 1.3513 levels.

On the downside, support comes at 1.2978 levels. Below 1.2978 sees corrective pullback threats to 1.21812 levels, further down, will extend the corrective pullback to 1.2665 levels.

In conclusion: The GBPUSD sees consolidation move within 1.2978/1.3210 range…

Support: 1.2978, 1.2812, 1.2665, 1.2515

Resistance: 1.3210, 1.3283, 1.3420, 1.3513

GBPUSD Daily Forecast Aug 11 2020

Key data/events which may affect GBPUSD today:

  • U.K Average Earnings Index +Bonus (Jun) at 08:30 GMT.
  • U.K Claimant Count Change (Jul) at 08:30 GMT.
  • U.S PPI (MoM) (Jul) at 12:30 GMT.