GBPUSD Daily Forecast Jan 24 2020

Pound - dollar -659856565

GBPUSD: Bullish Ahead Of U.K Manufacturing PMI…

As long as 1.3033/1.3082 support holds on a daily closing basis. The GBPUSD remains on the upside to 1.3151 levels. A break above this level is needed to prevent a return to the downside. However; above 1.3151 will target 1.3210 level. A halt is very likely, it may top around here. Anyway; above 1.3210 aims the 1.3272 levels, further upside, resistance comes in the 1.3350 levels.

A spike to 1.3200 levels followed by a daily closing below 1.3151. It’s a sign of possible reversal to the downside…

On the downside, a failure to break and hold above the 1.3151 levels could mean a return to 1.3082/1.3033 levels. A sustained break below 1.3033 will invalid the bullish view and turn the focus on the 1.2985/1.2930 levels.

In conclusion: The GBPUSD sees upside threats above 1.3033 levels with caution…

Support: 1.3117, 1.3082, 1.3033 (main). 1.2985, 1.2930

Resistance: 1.3151, 1.3210, 1.3272, 1.3350, 1.3400

According to the weekly timeframe. The pair is neutral within 1.2975/1.3400 range. A sustained trading – weekly closing – out of this range is needed to give the pair a clear direction…

Key data/events which may affect GBPUSD today:
  • The U.K will report on Manufacturing PMI today at 09:30 GMT. The forecast is to inch up a little bit 47.6, from 47.6 in the last month.
  • The U.K will also report on Services PMI today at 09:30 GMT. The forecast is to fall by 49.4, from 50.00 in the previous month.
How to trade GBPUSD?!

A reading above forecast will advance the pair to the upside, paving the way to 1.3200 levels. On the other hand, a reading below forecast will suggest a corrective pullback to 1.3117/1.3082 level. Buying on dips is recommended.

GBPUSD Daily Forecast Jan 24 2020