GBPUSD Daily Forecast Feb 11 2020

Pound dollar 9868556 9

GBPUSD: Bearish But Around Critical Support…

The GBPUSD remains on the downside as long as it trades below 1.2910 levels on a daily closing basis. Support comes at the 1.2840 level. A break would open 1.2790 next, further down, support comes in the 1.2705 level.

On the upside, above 1.2910 sees limited recovery to 1.2988 level. A break will extend the corrective recovery but it will be contained well below 1.3090 levels…

In conclusion: The GBPUSD continues to face downside threats below 1.2988/1.2910 levels…

Support:1.2840, 1.2790, 1.2705, 1.2600, 1.2515

Resistance: 1.2910, 1.2988, 1.3090, 1.3150, 1.3210

GBPUSD Daily Forecast Feb 11 2020Key data/events which may affect GBPUSD today:

  • U.K GDP at 09:30 GMT.
  • U.K Manufacturing Production (MoM) (Dec) at 09:30 GMT.
  • Fed Chair Powell Testifies at 15:00 GMT.