GBPUSD Daily Forecast Jan 08 2020

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GBPUSD: Sees Consolidation Within 1.3105/1.3215 Range

The outlook in GBPUSD has turned neutral at the moment. Support comes at 1.3105 level while resistance comes at 1.3175/1.3215 levels. On the downside. Stability below 1.3215/1.3175 levels could mean a return to 1.3105 levels. A cut below support aims the 1.3065 level. A halt is likely but below 1.3065 sees further weakness to 1.2990 levels.

Note: The daily chart suggests potential upside above 1.3080 ( daily closing basis).

On the upside, immediate resistance comes at 1.3147 levels ahead of 1.13175/1.3215 levels. a sustained breakout above 1.3215 is needed to advance the pair for further upside gains. If seen it will aim the 1.3250/1.3300 levels…

In conclusion: The GBPUSD sees sideways move within 1.3105/1.3215 range in the short-term forecast.

Support: 1.3105, 1.3065, 1.3011, 1.2975, 1.2925

Resisatnce: 1.3147, 1.3175, 1.3215, 1.3250, 1.3300

Key data/events which may affect GBPUSD today:
  • U.S ADP Nonfarm Employment Change (Dec) at 13:15 GMT (Moderate).

GBPUSD Daily Forecast Jan 08 2020

MARKET DATA

UPCOMING ECONOMIC EVENTS