GBPUSD Daily Forecast Oct 25 2018

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GBPUSD: Bearish, Eyes Further Downside Losses!

As long as 1.2935/1.2960 resistance holds on a daily closing basis, the GBPUSD remains on the downside to 1.2850 level, a halt is likely and it may test 1.2935/1.2960 before another fall, anyway, below 1.2850 aims 1.2793 level, further down, support stands at 1.2710 level.

On the upside, resistance stands at 1.2935/1.2960 levels, above that level sees a recovery threats to 1.3015 level before another fall, above 1.3015 will extend the corrective recovery to 1.3067/1.3111 level.

Conclusion: The GBPUSD continues to face downside threats below 1.3015 level…

Support: 1.2850, 1.2793, 1.2710, 1.2670, 1.2627

Resistance: 1.2935, 1.2960, 1.3015, 1.3067, 1.3111

blankKey data/events which may affect GBPUSD today:

  • European Central Bank Policy Meeting at 11:45 GMT. President Mario Draghi will hold a press conference 45 minutes after the interest rate announcement. Any comments /rumors related to Brexit will affect the pair strongly.
  • The U.S will report on Durable Goods Orders (Sep) at 12:30 GMT. The forecast is to fall -1.0%, from 4.4% in the preceding month. Core Durable Goods Orders is expected to rise by 0.5%, from 0.1% a month earlier. Any reading above forecast will support the USD.
  • FOMC Member Clarida Speaks at 16:15 GMT.
  • FOMC Member Mester Speaks at 23:00 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS