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 | -0.49% | -64 Pips |  |
||
| Week to-date | -0.17% | -21.8 Pips |  |
||
| July | 2.34% | 296.5 Pips |  |
||
Upcoming key events (London Time)
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)
What happened lately
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇬🇧 The U.K. Labour Force Survey Employment Change in May rose to 19K compared to the previous figure of -140K in April. Source: Office for National Statistics
🇬🇧 The U.K. ILO Unemployment Rate (3-mth) remained unchanged at 4.4% in May compared to April’s report. Source: Office for National Statistics
🇬🇧 U.K. Claimant Count Change in June dropped to 32.3K compared to previous figure 51.9K (revised from 50.4K) Source: Office for National Statistics
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇬🇧 The U.K. annualized CPI Inflation Rate for June remained unchanged at 2% compared to May’s report. Source: Office for National Statistics
🇬🇧 The U.K. CPI Inflation Rate for June dropped to 0.1% from 0.3% in May. Source: Office for National Statistics
What can we expect from GBPUSD today?
GBPUSD on Thursday dropped -0.49% to 1.29450. Price is above 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 1.29182 with break below could see further selling pressure towards S2 at 1.28913. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.30127 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.29386 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 | 1.30664 |
| R2 | 1.30395 |
| R1 | 1.29923 |
| Daily Pivot | 1.29654 |
| S1 | 1.29182 |
| S2 | 1.28913 |
| S3 | 1.28441 |
