GBPUSD Daily Forecast Jul 17 2020

Pound dollar 659856565

GBPUSD: Corrective Pullback Sets In…

As long as 1.2625 resistance holds on a daily closing basis, the GBPUSD remains in a pullback mode and further downside couldn’t be ruled out. Immediate support comes at 1.2550 levels.  Below 1.2250 will accelerate the corrective pullback to 1.2459/1.2397 levels. A halt is likely, it may consolidate around 1.2397/1.2459 levels. However; Below 1.2397 will turn the outlook bearish to 1.2255/1.2180 levels.

On the upside, a failure to break and hold below 1.2250 could mean a return to 1.2625 levels. Anyway; above 1.2625 restores the upside momentum and aims the 1.2378 levels, further upside, resistance comes in the 1.2847 levels…

In conclusion: The GBPUSD remains exposed to the downside below 1.2625 levels…

Support: 1.2550, 1.2459, 1.2397, 1.2255, 1.2180

Resistance: 1.2625, 1.2738, 1.2847, 1.2945, 1.3090

GBPUSD Daily Forecast Jul 17 2020Key data/events which may affect GBPUSD today:
  • BoE Gov Bailey Speaks at 10:00 GMT.