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