GBPUSD Daily Forecast Oct 09 2018


GBPUSD: Recovery Continues Above 1.3000

As long as 1.3000 support holds on a daily closing basis, the GBPUSD remains in recovery mode and further upside couldn’t be ruled out, but upside above 1.3000 should be limited by 1.3178 levels, anyway; above 1.3178 will reverse risk to the upside to the 1.3268 levels where a break will aim the 1.3362 levels.

On the downside, support comes at the 1.3000 levels, a cut through support will aim the 1.2933 levels, below 1.2933 will restore the downside momentum and target the 1.2845 levels, further down, support comes at the 1.2785 levels.

Conclusion: The GBPUSD sees recovery threats above 1.3000 levels, below that level may bring a lower leg below 1.2933 levels…

Support: 1.3000, 1.2933, 1.2845, 1.2785

Resistance: 1.3125, 13178, 1.3268, 1.3362