GBPUSD Daily Forecast Dec 12 2018

Pound - dollar - 689875

GBPUSD: Remains Under Pressure…

As long as 1.2559 resistance holds on a daily closing basis, the GBPUSD remains on the downside, support comes at 1.2480 level. A cut below support aims 1.2402 ahead of 1.2355, further down, support comes at 1.2308 level.

On the upside, immediate resistance comes at 1.2559 level, above that level will turn the focus back on 1.2615 level.  A daily closing above 1.2615 aims 1.2706 level.

Conclusion: The GBPUSD still sees downside threats below 1.2559 level.

Support: 1.2480, 1.2402, 1.2355, 1.2308

Resistance: 1.2559, 1.2615, 1.2706, 1.2756

According to the 1-hour chart: An hourly closing above 1.2572 will pave the way to 1.2620/40 levels. Anyway; taking out 1.2572 is not easy at all…

Key data/events which may affect GBPUSD today:

The U.S will report on Consumer Price Inflation for Nov at 13:30 GMT. The forecast is to fall 0.0%, from 0.3% a month earlier. Core CPI is expected to remain unchanged as the previous month at 0.2%. Above forecast is negative for GBP/USD. Anyway; the indicator is likely to bring a selling opportunity.