GBPUSD Daily Forecast Oct 26 2018

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GBPUSD: Bearish, Eyes 1.2775 Level…

As long as 1.2865 resistance holds on a daily closing basis, the GBPUSD remains on the downside to 1.2775 level, a halt is likely, but a cut below 1.2775 aims the 1.20707 level, further down, support comes at 1.2625 level.

On the upside, resistance comes at 1.2865 level, below that level will remain under heavy pressure, anyway; above 1.2865 sees recovery threats to 1.2948 level where rejection is likely, above that level will extend the corrective recovery to 1.3015 level.

Conclusion: The GBPUSD continues to face downside threats below 1.2865 level.

Support: 1.2775, 1.2707, 1.2625, 1.2533

Resistance: 1.2865, 1.2948, 1.3015, 1.3072

Key data/events which may affect GBPUSD today:

  • U.S Advanced Third Quarter GDP at 12:30 GMT. The U.S economy is expected to expand at an annual rate of 3.3% in the July-Sept period, down from a growth of 4.2%. Any reading above 3.3% is supposed to support the USD while below that level may bring a corrective pullback.

 

MARKET DATA

UPCOMING ECONOMIC EVENTS