GBPUSD Daily Forecast Jan 29 2020

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GBPUSD: Corrective Pullback Sets in…

The GBPUSD remains in a pullback mode as long as trades below 1.3151/1.3055 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 1.2988 levels. On the other hand; A sustained break -daily closing- below that level 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 1.3055/1.3118 levels ahead of 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. Furthermore, it will extend the bullish move to 1.3275 levels.

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

Support: 1.2988, 1.2895, 1.2840, 1.2790, 1.2705

Resistance: 1.3055, 1.3118, 1.3150, 1.3210, 1.3275

Key data/events which may affect GBPUSD today:

  • The Federal Reserve will announce its monetary policy decision and publish data on its economic projections at 19:00 GMT. The Fed is expected to keep the interest rates on hold. The central bank will also release its latest forecasts for economic growth. This will be the first Fed meeting in 2020. The Fed cut rates three times in 2019. How did that affect the US economy? Will there be a possibility of a rate cut in 2020? The Fed will hold a press conference at 19:30 GMT.

GBPUSD Daily Forecast Jan 29 2020

MARKET DATA

UPCOMING ECONOMIC EVENTS