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 | 0.04% | 4.7 Pips |  |
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| Week to-date | 1.14% | 147.9 Pips |  |
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| August | 1.88% | 242.1 Pips | |
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Upcoming key events (London Time)
Fri 03:00 PM USD Federal Reserve Chair Jerome Powell speech
Fri 08:00 PM GBP Bank of England Governor Andrew Bailey speech
Sat 01:00 AM USD Jackson Hole Symposium
What happened lately
U.K. GfK Consumer Confidence in August remained unchanged at -13 points compared to the previous report in July. Source: GfK
In the week ending 17 August, U.S. Initial Unemployment Insurance Claims rose to 232K compared to previous figure 228K (revised from 227K) Source: Department of Labor
What can we expect from GBPUSD today?
GBPUSD on Thursday rose 0.04% to 1.30951. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.30708 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.31299 or trades above daily pivot 1.31003. Break above could target R1 at 1.31247. While to the downside, we are looking at 1.30708 (S1) and daily low of 1.30760 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.31299 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 1.14% over the past few days.
Key levels to watch out:
| R3 | 1.31786 |
| R2 | 1.31542 |
| R1 | 1.31247 |
| Daily Pivot | 1.31003 |
| S1 | 1.30708 |
| S2 | 1.30464 |
| S3 | 1.30169 |
