GBPUSD Weekly Forecast Oct 29 2018


GBPUSD: Bearish, Eyes Further Downside!

As long as 1.3088 resistance holds on a weekly closing basis, the GBPUSD remains on the downside in the medium-0term forecast. Support comes at 1.2775 level, a cut would open 1.2630 level. A halt is likely, it may test 1.2775 before a lower leg below 1.2630 level, however; losing the key support 1.2630 will extend losses to 1.2450 level, further down, support comes at 1.2250 level.

On the upside, resistance comes at 1.2920 level ahead of 1.3088 level (main), above 1.3088 sees a recovery threats to 1.3297 level where rejection is likely, above 1.3297 will extend gains to 1.3500 level, next resistance comes at 1.3745 levels.

Conclusion: The GBPUSD sees downside pressure below 1.3088 level in the medium-term forecast…

Support:1.2775, 1.2630, 1.2450, 1.2250

Resistance: 1.2920, 1.3088, 1.3297, 1.3500