GBPUSD Daily Forecast Feb 03 2020

Pound-dollar-9865956_re

GBPUSD: Bullish Risk Builds On The 1.3275 Levels…

The GBPUSD maintained a bullish momentum on Friday. Bottomed at 1.3080 level and topped at 1.3209 level. This development leaves the pair targeting the 1.32875 level. A halt is likely. It may test 13209 before attempts to move higher. Anyway; above 1.3275 aims 1.3350 level, further upside, resistance comes at 1.3440 level ahead of 1.3500 level.

Note: Above 1.3209 will accelerate the bullish move. Below 1.3150 sees a corrective pullback threat to 1.3080 before anther rise…

On the downside, support comes around 1.3150 level ahead of 1.3080 level (main). Below 1.3080 sees a fall threat to 1.2988 level, further down, support comes in the 1.2895 level.

In conclusion, the GBPUSD sees upside threats above 1.3080/1.3150 levels.

Support: 1.3150, 1.3080, 1.2988, 1.2895, 1.2840

Resistance: 1.3209, 1.3275, 1.3350, 13440, 1.3500

GBPUSD Daily Forecast Feb 03 2020Key data/events which may affect GBPUSD during this week: 

  • U.K Manufacturing PMI (Jan) on Monday at 09:30 GMT. The forecast is to remain unchanged as the previous month at 49.8
  • U.S ISM Manufacturing PMI (Jan) on Monday at 15:00 GMT. The forecast is to rise by 48.5, from 47.2 in the preceding month.
  • U.K Construction PMI (Jan) on Tuesday at 09:30 GMT. The forecast is to rise by 46.00, from 44.4 in the preceding month.
  • U.S ISM Non-Manufacturing PMI (Jan) on Wednesday at 15:00 GMT. The forecast is to rise by 55.1, from 55.00 a month earlier.
  • U.K Services PMI (Jan) on Wednesday at 09:30 GMT. The forecast is to remain unchanged as the previous month at 52.9.
  • U.S Nonfarm Payrolls (Jan) on Friday at 13:30 GMT. The forecast is to rise by 161K, from 145K a month earlier.
  • U.S Unemployment Rate (Jan) on Friday at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%

MARKET DATA

UPCOMING ECONOMIC EVENTS