GBPUSD Daily Forecast Jan 16 2020

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GBPUSD: Bearish But Tests Key Resistance 1.3045 

The outlook in GBPUSD remains on the downside as long as the pair trades below 1.3045 levels on a daily closing basis. Support comes at 1.2985 levels ahead of 1.2930 levels. Below 1.2930 aims 1.2860 levels. A halt is likely. But a cut would open 1.2770 next. Further down, support comes in the 1.2660 levels.

Above 1.2985 a possible recovery. Above 1.3045 extends the recovery to 1.3135. Below 1.2985 restores the downside momentum.

On the upside, resistance comes at 1.3045 levels (main). Above 1.3045 sees recovery threats to 1.3085/1.3135 levels where another fall is likely.

In conclusion: The GBPUSD faces downside threats below 1.3045 levels despite recovery attempts.

Support: 1.2985, 1.2930, 1.2860, 1.2770

Resistance: 1.3045, 1.3085, 1.3135, 1.3217

Key data/events which may affect GBP USD today:
  • U.S Retail Sales at 13:30 GMT. The forecast is to rise by 0.3%, from 0.2% a month earlier.
  • U.S Core Retail Sales at 13:30 GMT. The forecast is to rise by 0.5%, from 0.1% in the preceding month.*(Critical).
  • U.S Philadelphia Fed Manufacturing Index at 13:30 GMT. The forecast is to rise by 3.8%, from 2.4% in the preceding month.
  • FOMC Member Bowman Speaks at 15:00 GMT.

GBPUSD Daily Forecast Jan 16 2020

MARKET DATA

UPCOMING ECONOMIC EVENTS