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GBPUSD on Thursday rose 2.47% to 1.1150. Potential upside. Why it matters.
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Thursday
Open High Low Close
1.08366 1.12050 1.07600 1.11502
Performance after Thursday
Period Pct Chg Momentum
Thursday 2.47% 268.5 Pips
Week to-date 2.79% 302.8 Pips
September -4.01% -466.1 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Gross Domestic Product (QoQ)

What happened lately

📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q2 unchanged at -0.6% compared to previous report in Q1. The actual figure is also in line with the forecast. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q2 exceed forecast and rose to 5.6% compared to previous figure 4.4% in Q1. Source
📆 🇺🇸 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


What can we expect from GBPUSD today?

GBPUSD on Thursday rose 2.47% to 1.1150. Price is above 9-Day EMA while Stochastic is rising.

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

Looking ahead for the day, immediate upside resistance level is at 1.13168 (R1) while on the downside, we are looking at daily low of 1.0760 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 1.1205 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 1.17618
R2 1.14834
R1 1.13168
Daily Pivot 1.10384
S1 1.08718
S2 1.05934
S3 1.04268

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Advance U.S. International Trade in Goods Source: Census Bureau
New Residential Sales Source: Census Bureau
Advance Report on Durable Goods Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 12:33 am UTC, 30-Sep 2022

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