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 | 0.47% | 59.9 Pips |  |
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| Week to-date | 0.84% | 108.2 Pips | |
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| July | 2.1% | 266.1 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in June dropped to 0.1% compared to previous figure 0.2% in May Source: Bureau of Labor Statistics
🇬🇧 U.K. GDP (1-mth) in May rose to 0.4% compared to previous figure 0% in April Source: Office for National Statistics
What can we expect from GBPUSD today?
GBPUSD on Thursday rose 0.47% to 1.29147. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
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 1.29597 with break above could target R2 at 1.30046 or figure level area. While towards the downside, we are looking at daily low of 1.28490 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.29493 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 0.84% over the past few days.
Key levels to watch out:
| R3 | 1.306 |
| R2 | 1.30046 |
| R1 | 1.29597 |
| Daily Pivot | 1.29043 |
| S1 | 1.28594 |
| S2 | 1.2804 |
| S3 | 1.27591 |
