GBPUSD Daily Forecast Oct 24 2018

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GBPUSD: Under Heavy Pressure Below 1.3015!

As long as 1.3015 – broken support turned resistance – holds on a daily closing basis, the GBPUSD remains on the downside to 1.1935 level. A halt is likely, it may test 1.3015 level before attempts break below 1.1935 level, however; below 1.1935 aims 1.1850 level, further down, support comes at 1.2793 level.

On the upside, resistance comes at 1.3015 level, a breakthrough resistance (daily closing basis) will aim 1.3067/1.3111 level (main) where rejection is very likely, above that level will extend the corrective recovery to 1.3177/1.3222 levels.

Conclusion: The GBPUSD still sees downside threats below 1.3111 levels even in the case of a corrective recovery.

Support: 1.2935, 1.2850, 1.2793, 1.2710

Resistance: 1.3015, 1.3067, 1.3111, 1.3177

blankKey data/events which may affect GBPUSD today:

  • The U.S will report on New Home Sales (Sep) at 14:00 GMT. The forecast is 630K, any reading above 630K will support the USD.
  • FOMC Member Bullard Speaks at 15:30 GMT.
  • FOMC Member Bostic Speaks at 17:00 GMT.
  • FOMC Member Mester Speaks at 17:10 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS