GBPUSD Daily Forecast Mar 11 2020


GBPUSD: Still Faces Corrective Pullback Threats…

As long as 1.2968 resistance holds on a daily closing basis. The GBPUSD sees pullback threats and further down couldn’t be ruled out. Support comes at 1.2843 level. A halt is likely, it may consolidate around here before the next move. However; below 12843 aims 1.2750 level, further down, support comes 1.2645 level.

On the upside, resistance comes at the 1.2968 level. Above 1.2968 sees recovery threats to 1.3035/1.3117 levels before another fall.

In conclusion: The GBPUSD sees fall threats below 1.2968 levels.

Support: 1.2843, 1.2750, 1.2645, 1.2580

Resistance: 1.2968, 1.3035, 1.3117, 1.3210

GBPUSD Daily Forecast Mar 11 2020Key data/events which may affect GBPUSD today:
  • The Bank of England cut interest rates this morning by half a point, from 0.75% to 0.25%.
    • U.S Core CPI (MoM) (Feb) at 12:30 GMT.