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GBPUSD on Wednesday rose 1.05% to 1.0846. Potential upside. Why it matters.
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Wednesday
Open High Low Close
1.07213 1.09160 1.05380 1.08456
Performance after Wednesday
Period Pct Chg Momentum
Wednesday 1.05% 113.2 Pips
Week to-date -0.02% -1.8 Pips
September -6.63% -770.7 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Gross Domestic Product Annualized
Fri 07:00 AM GBP Gross Domestic Product (QoQ)

What happened lately

📆 🇺🇸 USD Pending Home Sales (MoM) in August exceed forecast and dropped to -2% compared to previous figure -0.6, revised from -1% in July. Source
📆 🇺🇸 USD Housing Price Index (MoM) in July below forecast and dropped to -0.6% compared to previous figure 0.1% in June. Source
📆 🇺🇸 USD S&P/Case-Shiller Home Price Indices (YoY) in July below forecast and dropped to 16.1% compared to previous figure 18.7, revised from 18.6% in June. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in August below forecast and dropped to -0.2% compared to previous figure -0.1, revised from 0% in July. Source
📆 🇺🇸 USD Chicago Fed National Activity Index in August below forecast and dropped to 0 points compared to previous figure 0.29, revised from 0.27 points in July. Source


What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 1.05% to 1.0846. Price is below 9-Day EMA while Stochastic is rising but in oversold zone.

Updated daily direction for GBPUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.09951 (R1) while on the downside, we are looking at daily low of 1.0538 as an important support. Break below this level could weaken the current bullish momentum. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.0916 would suggest bullish bias after recent positive movement.

For the week to-date, take note that GBPUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.13731
R2 1.11445
R1 1.09951
Daily Pivot 1.07665
S1 1.06171
S2 1.03885
S3 1.02391

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Last updated: 12:33 am UTC, 29-Sep 2022

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