GBPUSD Bearish But Hesitates Ahead Of 1.2000
The GBPUSD remains on the downside as long as 1.2150 resistance holds on a daily closing basis. Support comes at the 1.2000 level. A halt is likely, we might see consolidation around here but a cut would open 1.1890 next, further down, support comes at 1.1755 levels.
Selling on a rebound near resistance levels is highly recommended.
On the upside, resistance comes at 1.2150 level broken support turned resistance. Above 1.2150 sees recovery threats to 1.2290/1.2400 levels before another fall.
In conclusion: The GBPUSD continues to face downside threats below 1.2150 levels. Above 1.2150 sees recovery threats to 1.2290/1.2400 levels.
Support: 1.2000, 1.1890, 1.1755, 1.1600
Resistance: 1.2150, 1.2290, 1.2400, 1.2550
- U.S Building Permits (Feb) at 12:30 GMT. (Moderate).
*The economic effects of the spread of the Coronavirus in Europe and the world, in addition to the oil war between Russia and Saudi Arabia. All of this will affect the market very strongly.