GBPUSD: Remains In Consolidation Mode
As long as 1.2670 resistance holds on a daily closing basis, the GBPUSD remains neutral with risk to the downside. A failure to hold above 1.2670 level on a daily closing basis could mean a return to 1.2615 level where a cut will open 1.2559 level. Below 1.2559 restores the downside momentum and opens 1.2480 level, further down, support comes at 1.2402 level.
Suggested Reading:
EURUSD Daily Forecast Dec 10 2018
USDCAD Daily Forecast Dec 17 2018
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On the upside, the GBPUSD will have to break and hold above 1.2670 levels on a daily closing basis to prevent a return to the downside. If seen it will target 1.2705/1.2756 levels. A halt is likely. But A break opens 1.2823 level, further upside, resistance comes at 1.2882 level.
Conclusion: The GBPUSD faces downside risk as long as it trades below 1.2670 level on a daily closing basis. Above that level will challenge 1.2705/1.2756 levels.
Support: 1.2600 (minor), 1.2559 (main), 1.2480, 1.2402
Resistance: 1.2670 (critical), 1.2705, 1.2756, 1.2823
