GBPUSD Daily Forecast Jul 16 2020

Dollar Pound 698546 9898oiuy

GBPUSD: Consolidates With Upside Bias…

With GBPUSD failing to continue higher through the 1.2625 levels. A short term resistance has been printed around the 1.2625 levels. While its immediate risk remains higher above 1.2459 levels, the USDJPY will have to break and hold above the 1.2625 levels to prevent a return to the downside. If seen it will target the 1.2738 levels, further upside, resistance comes at 1.2945 levels.

On the downside, immediate support stands at the 1.2550 levels ahead of the 1.2459 levels (main). A cut-through 1.2459 will turn outlook bearish and pave the way to 1.2397 level ahead of 1.2256 level.

In conclusion: The GBPUSD sees sideways move within 1.2459/1.2625 range. Above 1.2625 sees a bullish move to 1.2738 levels, while below 1.2459 faces fall threats to 1.2397/1.2256 levels…

Support: 1.2550, 1.2459, 1.2397, 1.2256, 1.2180

Resistance: 1.2625, 1.2738, 1.2847, 1.2945, 1.3090

GBPUSD Daily Forecast Jul 16 2020