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 | 0.12% | 16 Pips |  |
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| Week to-date | -0.38% | -50.2 Pips |  |
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| September | -0.03% | -3.5 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
U.S. Unit Labor Costs in Q2 decreased to 0.4% from 0.9% in Q1. Source: Bureau of Labor Statistics
U.S. Nonfarm Business Labor Productivity in Q2 rose to 2.5%, up from 2.3% in Q1. Source: Bureau of Labor Statistics
In the week ending 31 August, U.S. Initial Unemployment Insurance Claims dropped to 227K compared to previous figure 231K Source: Department of Labor
U.S. Factory Orders (1-mth) in July rose to 5%, compared to the previous figure of -3.3% in June. Source: Census Bureau
U.S. Job Openings and Labor Turnover Survey (JOLTS) in July dropped to 7.673M, compared to the previous figure of 7.91M revised from 8.184M in June. Source: Bureau of Labor Statistics
What can we expect from GBPUSD today?
GBPUSD on Thursday rose 0.12% to 1.31625. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for GBPUSD looks bullish as the pair ended higher after Thursday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.31773 with break above could target R2 at 1.3192 or figure level area. While towards the downside, we are looking at daily low of 1.31368 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.31718 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 | 1.32123 |
| R2 | 1.3192 |
| R1 | 1.31773 |
| Daily Pivot | 1.3157 |
| S1 | 1.31423 |
| S2 | 1.3122 |
| S3 | 1.31073 |
