Forex

GBPUSD on Thursday dropped -0.66% to 1.24067. What we know.

GBPUSD on Thursday dropped -0.66% to 1.24067. What we know.
GBPUSD on Thursday dropped -0.66% to 1.24067.  What we know.

GBPUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.66% -82.8 Pips
Week to-date -0.47% -58.3 Pips
September -2.09% -265 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

?? U.S. Producer Price Index (12-mth) in August exceed forecast and rose to 1.6% compared to previous figure 0.8% in July
?? U.S. Monthly Retail Trade (1-mth) in August exceed forecast and rose to 0.6% compared to previous figure 0.5, revised from 0.7% in July Census Bureau
?? U.S. Monthly Budget Statement in August exceed forecast and rose to 89$ compared to previous figure -221$ in July Bureau of the Fiscal Service
?? U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in August dropped to 4.3% compared to previous figure 4.7% in July Bureau of Labor Statistics
?? U.K. GDP (1-mth) in July exceed forecast and dropped to -0.5% compared to previous figure 0.5% in June Office for National Statistics


What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.66% to 1.24067. 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 1.23664 with break below could see further selling pressure towards S2 at 1.23261. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.25062 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.23960 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.47%.

Key levels to watch out:

R3 1.25868
R2 1.25465
R1 1.24766
Daily Pivot 1.24363
S1 1.23664
S2 1.23261
S3 1.22562

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