GBPUSD Daily Forecast Jan 03 2020

Dollar - pound -9865656

GBPUSD Consolidates Below 1.3285 levels…

The outlook in GBPUSD remains neutral at the moment. Resistance comes at 1.3285 levels while support comes at 1.3098 levels. On the upside, a sustained breakout – daily closing -above 1.3285 is needed to restore the upside momentum If seen, it will target 1.3390 levels. A halt is likely, it may test 1.3285 before attempts to break higher. Anyway; above 1.3390 aims 1.3520 levels, further upside, resistance comes at 1.3666 levels.

On the downside, a failure to break and hold above 1.3285 could mean a return to 1.3098 levels. A halt is likely, it may consolidate above 1.3098 and below 1.3285 before the next move. However; below 1.3098 sees a free fall to 1.3000/1.2900 levels.

In conclusion: The GBPUSD sees sideways move within 1.3098/1.3285 with the potential to break lower.

Support: 1.3098, 1.3000, 1.2900, 1.2775, 1.2700

Resistance: 1.3230, 1.3285, 1.3390, 1.3520, 1.3666

Key data/events which may affect GBPUSD today:
  • U.K Construction PMI (Dec) at 09:30 GMT.
  • U.S ISM Manufacturing PMI (Dec) at 15:00 GMT.

GBPUSD Daily Forecast Jan 03 2020