GBPUSD Daily Forecast Oct 19 2018

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GBPUSD: Bearish, Risk Builds Down On 1.2935 Level!

As long as 1.3150 resistance holds on a daily closing basis, the GBPUSD remains on the downside to 1.2935 level, a halt is likely, and it may test 1.3015 before another fall, however; below 1.2935 will aim 1.2850 level, further down, support stands at 1.2785 level.

On the upside, a failure to hold below 1.3015 level on a daily closing basis could mean a return to 1.3150 level, anyway; immediate resistance comes at 1.3072 ahead of 1.3150 (main), above 1.3150 sees recovery threats to 1.3222/1.3259 level.

Sell GBPUSD on rebound near resistance┬álevels…

Conclusion: The GBPUSD see downside threats below 1.3150 level.

Support: 1.3015, 1.2935, 1.2850, 1.2785

Resistance: 1.3072, 1.3150, 1.3222, 1.3259

blankKey data/events which may affect GBPUSD today:

  • The U.S will report on existing home sales at 14:00 GMT. The indicator is expected to fall 5.30M, from 5.34 in the previous month. A reading above 5.30M will support the USD, while a reading below 5.30M will support the GBP.
  • Later on the day at 15:30 GMT. Bank of England Governor Mark Carney will speak at an event in New York. Volatility is expected.

MARKET DATA

UPCOMING ECONOMIC EVENTS