GBPUSD Daily Forecast Jan 28 2020

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GBPUSD: Still Faces Pullback Threats With Caution!

The GBPUSD remains in a pullback mode as long as trades below 1.3151 levels on a daily closing basis, and further down couldn’t be ruled out. But the corrective pullback below 1.3150 should be contained well by 1.3033/1.2988 levels. A sustained break -daily closing- below will bring a strong bearish move to 1.2895 level. Further down, support comes in the 1.2840/1.2785 levels.

On the upside, resistance comes at 1.3151 levels. A daily closing above that level is needed to prevent a return to the downside. If seen it will target the 1.3210 level. Above 1.3210 will extend the bullish move to 1.3275 levels.

In conclusion: The GBPUSD sees corrective pullback threats below 1.3150 levels.

Support: 1.3055, 1.3033, 1.2988, 1.2895, 1.2840

Resistance: 1.3150, 1.3210, 1.3275, 1.3350, 1.3400

Key data/events which may affect GBPUSD today:

  • The U.S will report on Core Durable Goods Orders (MoM) (Dec) at 13:30 GMT.  The forecast is to rise by 0.2%, from -0.1% a month earlier.
  • The U.S will also report on CB Consumer Confidence (Jan) at 15:00 GMT. The forecast is to inch up 128.0, from 126.5 in the previous month.

GBPUSD Daily Forecast Jan 28 2020