Dear ,
As requested, let’s look at GBPUSD and the recent events that happened in the previous trading session.
GBPUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.07% | 9.2 Pips |  |
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| Week to-date | 0.09% | 10.9 Pips | |
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| August | -0.68% | -87.4 Pips |  |
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Upcoming key events (London Time)
Tue 07:00 AM GBP Labour Force Survey Employment Change
Tue 07:00 AM GBP ILO Unemployment Rate (3-mth)
Tue 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Wed 07:00 AM GBP CPI Inflation Rate (12-mth)
Wed 01:30 PM USD CPI Inflation Rate (1-mth)
Wed 01:30 PM USD CPI Inflation Rate (12-mth)
What happened lately
The U.S. Monthly Budget Statement in July dropped to -$244 billion compared to -$66 billion in June. Source: Bureau of the Fiscal Service
What can we expect from GBPUSD today?
GBPUSD on Monday rose 0.07% to 1.27658. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.27436 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27939 or trades above daily pivot 1.27688. Break above could target R1 at 1.27909. While to the downside, we are looking at 1.27436 (S1) and daily low of 1.27466 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27939 may suggest continuation after recent positive movement.
For the week to-date, take note that GBPUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.28382 |
| R2 | 1.28161 |
| R1 | 1.27909 |
| Daily Pivot | 1.27688 |
| S1 | 1.27436 |
| S2 | 1.27215 |
| S3 | 1.26963 |
