GBPUSD Daily Forecast Oct 15 2018

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GBPUSD: Faces Corrective Pullback Threats!

As long as 1.3215 resistance holds on a daily closing basis, the GBPUSD remains in a corrective pullback mode and further downside move couldn’t be ruled out, support comes at 1.3150 levels, below 1.3150 will aim 1.3072 levels where a cut will open the way to 1.3017 levels, further down, support comes at the 1.2933 levels.

On the upside, the GBPUSD will have to break and hold above 1.3215 level to prevent a return to the downside, however; above 1.3215 will target 1.3295 level, further upside, resistance comes at 1.3362 level ahead of 1.3445 level.

Conclusion: The GBPUSD sees corrective pullback threats below 1.3215 level, above 1.3215 will restore the upside momentum and aim the 1.3295 level.

Support: 1.3072, 13017, 1.2933, 1.2785

Resistance: 1.3150, 1.3215, 1.3295, 1.3362

blankKey data/events which may affect GBPUSD today:

  • The U.S will report on Retail Sales for September today at 12:30 GMT. The indicator is expected to rise by 0.7%, from 0.1% a month earlier. Any reading above 0.7% will support the U.S.D while any reading below 0.7% will support the GBP against the U.S.D.

Any news or even rumors related to Brexit will affect the pair strongly.

Core Retail Sales is expected is also expected to rise by 0.4%, from 0.3% in the preceding month. Any reading above 0.4% will support the U.S.D while any reading below 0.4% will support the GBP against the U.S.D.

Conclusion: It’s not only about U.S data, but we have a different situation here. Things remain unclear about Brexit with a tendency to be slightly negative, which makes the pair under pressure.

MARKET DATA

UPCOMING ECONOMIC EVENTS