GBPUSD: Outlook Remains Lower…
As long as 1.2615 -broken support turned resistance – holds on a daily closing basis, the GBPUSD remains on the downside to 1.2480 level. A halt is likely but a cut through support would open 1.2355, further down, support comes at 1.2308 level.
On the upside, resistance comes at 1.2615 level, a sustained breakout – daily closing – above that level opens 1.2706 level. Above that level will extend the corrective recovery to 1.2756 level.
Conclusion: The GBPUSD sees downside threats below 1.2615 level.
Support: 1.2560, 1.2480, 1.2355, 1.2308, 1.2250
Resistance: 1.2615, 1.2705, 1.2756, 1.2822
- The U.K will report on The U.K will report on Average Earnings Index +Bonus (Oct) at 09:30 GMT. The forecast is to remains unchanged as the previous month at 3.0%. Above forecast will support the GBPUSD, below forecast is negative.
- At the same time, the U.K will also report on Claimant Count Change (Nov). The forecast is to fall 13.2K, from 20.2K a month earlier. Above forecast is negative for GBPUSD.
- The British parliament will vote on Prime Minister Theresa May’s Brexit plan that she negotiated with Brussels.
- The U.S will report on producer price inflation at 13:30 GMT. The forecast is to fall
0.0% , from 0.6% in the previous month. Above forecast supports the USD.