GBPUSD Daily Forecast Feb 07 2020

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GBPUSD: Weakens, Eyes Key Support 1.2910

As long as 1.2988 – broken support turned resistance – holds on a daily closing basis. The GBPUSD remains on the downside to 1.2910 level. A halt is likely, it may test 1.2988 before attempts to break lower. However; below 1.2910 aims 1.2840 next, further down, support comes in the 1.2790 levels.

On the upside, resistance comes in the 1.2988 level. Above 1.2988 sees recovery threat to 1.3090 where another fall is very likely.

In conclusion: The GBPUSD sees downside threats below 1.2988 levels…

Support: 1.2910, 1.2840, 1.2790, 1.2705, 1.2600

Resistance: 1.2988, 1.3090, 1.3150, 1.3210, 1.3275

GBPUSD Daily Forecast Feb 07 2020Key data/events which may affect GBPUSD today:

  • U.S Nonfarm Payrolls (Jan) at 13:30 GMT. The forecast is to rise by 160K, from 145K a month earlier.
  • U.S Unemployment Rate (Jan) at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%

MARKET DATA

UPCOMING ECONOMIC EVENTS