GBPUSD on Thursday dropped -0.31% to 1.28542. What we know.

Dear ,

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

GBPUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.31%	-40.5 Pips
Week to-date	-0.61%	-78.9 Pips
July	1.63%	205.8 Pips

Upcoming key events (London Time)

  Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
  Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

 🇺🇸 U.S. GDP annual rate in the Q2 flash estimate rose to 2.8%, compared to the previous figure of 1.4% in Q1. Source: Bureau of Economic Analysis
 🇺🇸 U.S. Durable Goods – New Orders in June dropped to -6.6% from 0.1% in May. Source: Census Bureau
 🇺🇸 U.S. Durable Goods Orders excluding Transportation rose to 0.5% in June compared to -0.1% in May. Source: Census Bureau
 🇺🇸 In the week ending 20 July, U.S. Initial Unemployment Insurance Claims dropped to 235K compared to previous figure 245K (revised from 243K) Source: Department of Labor
 🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.

What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.31% to 1.28542. Price is below 9-Day EMA while Stochastic is falling.

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 1.28293 with break below could see further selling pressure towards S2 at 1.28043. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.29132 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.28463 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.61%.

Key levels to watch out: