GBPUSD Daily Forecast Jul 28 2020

Forex pound 98656

GBPUSD: Bullish, But Around Overbought…

The GBPUSD remains on the upside as long as 1.2780 support holds on a daily closing basis. Resistance comes at 1.2920 Levels. A halt is likely. It may turn lower from here. Anyway; Above 1.2920 aims the 1.3080 levels, further upside, resistance stands at 1.3190 levels.

On the downside, immediate support comes at the 1.2780 levels. Losing 1.2780 should weaken the bullish trend and bring corrective pullback to 1.2665 levels before another rise. Below 1.2665 will suggest a large pullback to 1.2515 and maybe lower to 1.2400 levels.

In conclusion: The GBPUSD sees upside threats above 1.2780 levels…

Support:1.2780, 1.2665, 1.2515, 1.2400, 1.2290

Resistance: 1.2920, 1.3080, 1.3190, 1.3333, 1.3500

Bullish above: 1.2780. Light Bullish above 1.2665. Bearish Below 1.2665 levels.

The pair needs to break and hold above 1.2920 to keep the bullish momentum intact. A failure to break above 1.2920 will bring consolidation below that level. Anyway buying the pair around support level still recommended…

GBPUSD Daily Forecast Jul 28 2020

Key data/events which may affect GBPUSD today:

  • U.S CB Consumer Confidence (Jul) at 14:00 GMT. The forecast is to fall by 94.5, from 98.1 a month earlier.