GBPUSD on Thursday dropped -0.32% to 1.23243. What we know.

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GBPUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.32% -39.7 Pips
Week to-date -0.96% -119.7 Pips
May -1.89% -237.4 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Durable Goods Orders
Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft

What happened lately

🇺🇸 Personal Consumption Expenditures Prices (3-mth) in Q1 preliminary estimate unchanged at 4.2% compared to previous report in Q4. The actual figure is also in line with the forecast Bureau of Economic Analysis
🇺🇸 In the week ending 20 May, the Initial Unemployment Insurance Claims rose to 229K compared to previous figure 225K (revised from 242K) Department of Labor
🇺🇸 Chicago Fed National Activity Index in April exceed forecast and rose to 0.07 points compared to previous figure -0.37, revised from -0.19 points in March
GBP PPI Core Output (12-mth) n.seasonal adjustment in April dropped to 6% compared to previous figure 8.3% (revised from 8.5%). Office for National Statistics
🇬🇧 PPI Core Output (1-mth) n.seasonal adjustment in April below forecast and dropped to 0% compared to previous figure 0.3% in March Office for National Statistics
🇬🇧 CPI Inflation Rate (12-mth) in April exceed forecast and dropped to 8.7% compared to previous figure 10.1% in March Office for National Statistics
🇬🇧 CPI Inflation Rate (1-mth) in April exceed forecast and rose to 1.2% compared to previous figure 0.8% in March Office for National Statistics
🇬🇧 Retail Price Index (1-mth) in April exceed forecast and rose to 1.5% compared to previous figure 0.7% in March Office for National Statistics
🇬🇧 Core CPI Inflation Rate (12-mth) in April exceed forecast and rose to 6.8% compared to previous figure 6.2% in March Office for National Statistics


GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.32% to 1.23243. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at S1 1.22923 with break below could see further selling pressure towards S2 at 1.22604. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.23868 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.23076 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.96%.

Key levels to watch out:

R3 1.24507
R2 1.24188
R1 1.23715
Daily Pivot 1.23396
S1 1.22923
S2 1.22604
S3 1.22131

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