GBPUSD Daily Forecast Dec 21 2018

Pound dollar 689875 1

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

USDJPY Under Pressure On BoJ’s Optimism


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