GBPUSD Daily Forecast Feb 05 2020

Pound dollar 659856565

GBPUSD: Continues To Consolidate

The outlook in GBPUSD has turned neutral in the short-term forecast. Support comes at the 1.2988 level while resistance comes at 1.3210 levels. On the downside, below 1.2988 sees a falling threat to 1.2895 level, further down, support comes at 1.2840/1.2790 levels.

Note: For today, eyes on 1.3090 levels…support: 1.2988 levels.

On the upside, stability above 1.2988 could mean a return to 1.3090 level. A break will extend the corrective recovery to 1.3210 levels. Above 1.3210 sees a bullish move to 1.3275/1.3333 levels.

In conclusion: The GBPUSD sees sideways move within 1.2988/1.3210 range…

Support: 1.2988, 1.2895, 1.2840, 1.2790

Resistance: 1.3090, 1.3150, 1.3210, 1.3275

Key data/events which may affect GBPUSD today:

  • 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 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.

GBPUSD Daily Forecast Feb 05 2020