GBP/USD Outlook (18 February 2020)

British Pound/U.S. DollarFXCM

Description

⋅ Feb 18, 2020 4:44 AM

Overall, GBP/USD is moving across. Recently, GBP/USD trended lower into the support level of 1.29900.
The U.K. employment data will be released later at 1730 (SGT).

Average Earnings Index 3m/y (Forecast: 3.1%, Previous: 3.2%)
Claimant Count Change (Forecast: 20.2K, Previous: 14.9K)
Unemployment Rate (Forecast: 3.8%, Previous: 3.8%)

If the released data are better than or as forecasted, GBP may strengthen.
Currently, GBP/USD is testing the support level of 1.29900 and the next resistance level is at 1.32000.
Look for buying opportunities of GBP/USD if the employment data released are positive and that GBP/USD rejects the support level of 1.29900.

Comments

Grafixgeek786

⋅ Feb 18, 2020 4:50 PM

Hi Jin!

Thanks so very much for sharing your insight!