GBPUSD Daily Forecast Oct 03 2018

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GBPUSD: Bearish Despite Recovery Attempts!

As long as 1.3010 resistance holds on a daily closing basis, the GBPUSD remains on the downside to the 1.2933 levels, a halt is likely but a cut would open 1.2845, further down, support comes at the 1.2785 levels.

On the upside, a sustained breakout – daily closing recommended – above 1.3010 levels would open 1.3072 levels where a rejection is likely, above 1.3072 will aim the 1.3178 levels.

Conclusion: The GBPUSD continues to face downside threats below 1.3010 levels, above that level, sees limited gains below 1.3178 before another fall…

Support: 1.2933, 1.2850, 1.2785, 1.2710

Resistance: 1.3010, 1.3072, 13178, 1.3268

Key data/events which may affect GBPUSD today:

A selling opportunity is likely for GBPUSD after the News…

1- U.K Services PMI (Sep): Today at 08:30 GMT. after (15 min.) The indicator is expected to fall 54.0, from 54.3 in the preceding month.

2- U.S ISM Non-Manufacturing PMI (Sep): Today at 14:00 GMT. The indicator is expected to fall 58.0, from 58.5 in the previous month.

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MARKET DATA

UPCOMING ECONOMIC EVENTS