GBPUSD Daily Forecast Jul 10 2020

Pound-dollar-9865956_re

GBPUSD: Light Bullish With Caution…

As long as 1.2459/1.2520 support holds on a daily closing basis, the GBPUSD remains on the upside to the 1.2600/1.2690 levels. A halt is likely, it may turn lower from here. Anyway; above 1.2690 would challenge the 1.2795 level, the next resistance comes in the 1.2870 level.

The GBPUSD will have to break and hold above 1.2690 levels to prevent a return to the downside…

On the downside, a failure to break and hold above the 1.2690 levels could mean a return to the 1.2520/1.2459 levels. A halt is likely, it may consolidate around here before the next move. However; a cut-through 1.2459 will reverse threats to the downside to 1.2397 level ahead of 1.2255 level.

In conclusion: theĀ  GBPUSD sees upside threats above 1.2459/1.2520 levels…

Support: 1.2520, 1.2459, 1.2397, 1.2255, 1.2180

Resistance: 1.2600, 1.2690, 1.2795, 1.2870, 1.2960

GBPUSD Daily Forecast Jul 10 2020Key data/events which may affect GBPUSD today:
  • U.S Producer Price Index (PPI) at 12:30 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS