GBPUSD Daily Forecast Jan 31 2020

Pound - dollar-986565 (1)

GBPUSD: Recovers With Caution…

As long as 1.3055 – broken resistance turned support – holds on a daily closing basis. The GBPUSD remains in a recovery mode and further upside couldn’t be ruled out. But the upside above 1.3055 may be contained well by 1.3118/1.3150 levels. Above 1.3150 sees a bullish move to 1.3210 levels.

On the downside, a rejection from the 1.3150/1.3118 levels followed by a break below 1.3055 will turn the focus back on the 1.2988 levels. Below 1.2988 sees a bearish move to 1.2985 levels, further down, support comes in the 1.2840 level…

In conclusion: The GBPUSD sees recovery threats above 1.3055 level with caution.

Support: 1.3055, 1.2988, 1.2895, 1.2840, 1.2790

Resistance:  1.3118, 1.3150, 1.3210, 1.3275, 1.3333

Key data/events which may affect GBPUSD today:

Britain will officially leave the European Union at 23:00 GMT on Friday, and an 11-month transition period begins during which Britain needs to negotiate a long-term trade deal with the European Union or face a tariff on its exports from 2021. Any comment from UK officials regarding this matter today could affect the GBP.

GBPUSD Daily Forecast Jan 31 2020