GBPUSD Daily Forecast Feb 19 2020

Pound dollar 9865956 re

GBPUSD: Recovers With Caution…

As long as 1.2910/1.2970 support holds on a daily closing basis. The GBPUSD remains in a recovery mode and further upside couldn’t be ruled out to 1.3090 level where rejection is very likely. Above 1.3090 sees a bullish move to 1.3150/1.3210 levels.

On the downside, immediate support comes at the 1.2970 level. Below 1.2970 should weaken the recovery mode and open the way to 1.2910 where a rebound is expected. However; A cut through 1.2910 will terminate the recovery mode and restore the downside momentum, paving the way to 1.2840 levels…

In conclusion: The GBPUSD sees recovery threats above 1.2910/1.2970 levels with risk to 1.3090 level.

Support: 1.2970, 1.2910, 1.2840, 1.2790

Resistance: 1.3090, 1.3150, 1.3210, 1.3275

GBPUSD Daily Forecast Feb 19 2020Key data/events which may affect GBPUSD today:
  • U.K CPI (YoY) (Jan) at 09:30 GMT,
  • U.S PPI (MoM) (Jan) at 13:30 GMT.
  • FOMC Meeting Minutes at 19:00 GMT.