GBPUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.24% | 30.7 Pips |  |
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| Week to-date | 0.83% | 106.2 Pips | |
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| August | 0.04% | 4.9 Pips |  |
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Upcoming key events (London Time)
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)
What happened lately
🇺🇸 U.S. Industrial Production (1-mth) in July decreased to -0.6% from 0.6% in June. 🇺🇸 U.S. Monthly Retail Trade (1-mth) in July rose to 1% from 0% in June. Source: Census Bureau 🇺🇸 In the week ending 10 August, U.S. Initial Unemployment Insurance Claims dropped to 227K compared to previous figure 234K (revised from 233K) Source: Department of Labor 🇺🇸 U.S. Retail Trade Control Group in July dropped to 0.3%, down from 0.9% in June. Source: Census Bureau 🇬🇧 U.K. Industrial Production (1-mth) increased to 0.8% in June from the previous figure of 0.2% in May. In June, U.K. Manufacturing Production (1-mth) increased to 1.1% from 0.4% in May. 🇬🇧 U.K. GDP (3-month) in the Q2 flash estimate dropped to 0.6% from 0.7% in Q1. Source: Office for National Statistics 🇬🇧 U.K. GDP (1-mth) in June dropped to 0% from 0.4% in May. Source: Office for National Statistics 🇺🇸 U.S. CPI Inflation Rate (1-mth) increased to 0.2% in July from -0.1% in June. Source: Bureau of Labor Statistics The U.S. CPI Inflation Rate excluding Food and Energy sectors increased to 0.2% in July from 0.1% in June. Source: Bureau of Labor Statistics 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in July dropped to 3.2%, down from 3.3% in June. Source: Bureau of Labor Statistics 🇺🇸 The U.S. CPI inflation rate for July dropped to 2.9% from the previous figure of 3% in June. Source: Bureau of Labor Statistics 🇬🇧 U.K. CPI Inflation Rate (12-mth) rose to 2.2% in July compared to 2% in June. Source: Office for National Statistics 🇬🇧 U.K. Core CPI Inflation Rate (12-mth) in July dropped to 3.3%, down from 3.5% in June. Source: Office for National Statistics 🇬🇧 The U.K. Retail Price Index (1-mth) in July dropped to 0.1% from 0.2% in June. Source: Office for National Statistics 🇬🇧 The U.K. PPI Core Output (12-month, non-seasonally adjusted) in July dropped to 1% compared to the previous figure of 1.1% in June. Source: Office for National Statistics 🇬🇧 U.K. Retail Price Index (12-mth) in July rose to 3.6% compared to 2.9% in June. Source: Office for National Statistics 🇬🇧 In July, the U.K. CPI Inflation Rate (1-mth) decreased to -0.2% from 0.1% in June. Source: Office for National Statistics 🇬🇧 In July, the Producer Price Index – Output (12-mth) with no seasonal adjustment dropped to 0.8%, down from the previous figure of 1% (revised from 1.4%). Source: Office for National Statistics
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What can we expect from GBPUSD today?
GBPUSD on Thursday rose 0.24% to 1.28566. 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 R1 at 1.28859 with break above could target R2 at 1.29153 or figure level area. While towards the downside, we are looking at daily low of 1.27984 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.28715 may suggest continuation after recent positive movement.
For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 0.83% over the past few days.
Key levels to watch out:
| R3 | 1.2959 |
| R2 | 1.29153 |
| R1 | 1.28859 |
| Daily Pivot | 1.28422 |
| S1 | 1.28128 |
| S2 | 1.27691 |
| S3 | 1.27397 |
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