GBPUSD Daily Forecast Oct 16 2018


GBPUSD: Still Sees CorrectiveThreats Below 1.3215 

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.

Note: The pair closed at 1.3148 level yesterday.

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 UK will release 2 employment reports today at 08:30 GMT:

U.K data may bring a selling opportunity.

  • Average Earnings Index +Bonus (Aug): The indicator is expected to remain unchanged as the previous month at 2.6%. Any reading above that level will support the GBP against the USD while any reading below 12.6% will support the USD against the GBP.
  • Claimant Count Change (Sep): The indicator is expected to fall 4.5K, from 8.7K a month earlier. Any reading below 4.5K will support the GBPUSD against the USD while any reading above 4.5K will support the USD against the GBP.