GBPUSD Daily Forecast Jul 24 2020

B.Pound 56524

GBPUSD: Hesitates With upside Bias…

The GBPUSD remains on the upside as long as 1.2664 support holds on a daily closing basis. Resistance comes around 1.2780 levels. A halt is likely, it may test 1.2664 before attempts to break higher. Anyway; above 1.2780 will extend the bullish move to 1.2920 level, further upside, resistance comes at the 1.3080 levels.

On the downside, support comes in the 1.2664 levels. Below 1.2664 sees a pullback threat to 1.2515 levels before the next rising. A cut-through 1.2515 will tend the corrective pullback to 1.2400 levels, further down, support comes at 1.2290 levels.

In conclusion: The GBPUSD sees upside threats above 1.2515/1.2664 levels.

Support: 1.2664, 1.2515, 1.2400, 1.2290

Resistance: 1.2780, 1.2920, 1.3080, 1.3190

GBPUSD Daily Forecast Jul 24 2020

Key data/events which may affect GBPUSD today:
  • U.K Retail Sales (MoM) (Jun) at 06:00 GMT.
  • U.K Composite PMI at 08:30 GMT.
  • U.K Manufacturing PMI at 08:30 GMT.
  • U.K Services PMI at 08:30 GMT.
  • U.S New Home Sales (Jun) at 14:00 GMT.

Buying the pair on dips around support levels is recommended…