• Sat. Jun 15th, 2024

GBPUSD on Thursday dropped -0.04% to 1.27922. Pair in consolidation. What is going on.

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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

GBPUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.04% -4.9 Pips
Week to-date 0.4% 51.2 Pips
June 0.4% 51.2 Pips

Upcoming key events (London Time)

  Fri 01:30 PM USD Nonfarm Payroll Employment
  Fri 01:30 PM USD Average Hourly Earnings (12-mth)

What happened lately

 🇺🇸 U.S. Nonfarm Business Labor Productivity in Q1 dropped to 0.2% compared to previous figure 0.3% in Q4 Source: Bureau of Labor Statistics

What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.04% to 1.27922. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.27664 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.28091 or trades above daily pivot 1.27878. Break above could target R1 at 1.28135. While to the downside, we are looking at 1.27664 (S1) and daily low of 1.27620 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.27620 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

Key levels to watch out:

R3 1.28606
R2 1.28349
R1 1.28135
Daily Pivot 1.27878
S1 1.27664
S2 1.27407
S3 1.27193
On Key

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