GBPUSD Daily Forecast Feb 06 2020

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GBPUSD: Under Pressure Risk Shifts To 1.2910 Levels…

As long as 1.3090 resistance holds on a daily closing basis. The GBPUSD remains on the downside to 1.2988 levels. A cut through support would open 1.2910 next. A halt is likely, it may bottom around here. But if this fails to happen, the pair will weaken further to 1.2840 level. The next support comes in the 1.2790 level.

On the upside, above 1.3090 sees recovery threats to 1.3150/1.3210 levels where another fall is likely…

In conclusion: The GBPUSD sees downside threats below 1.3090 levels with caution…

Note: A daily close below 1.2988 is needed to turn the outlook bearish. A failure to break and hold below 1.2988 could mean a return to 1.3090/1.3210 levels…

Support: 1.2988, 1.2910, 1.2840, 1.2790, 1.2700

Resistance: 1.3090, 1.3150, 1.3210, 1.3275, 1.3333

GBPUSD Daily Forecast Feb 06 2020Key data/events which may affect GBPUSD today:

  • U.S Initial Jobless Claims at 13:30 GMT. The forecast is to inch down 215K, from 216K in the last week.
  • FOMC Member Kaplan Speaks at 14:15 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS