Dear ,
As requested, let’s look at GBPUSD and the recent events that happened in the previous trading session.
GBPUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.29% | -38 Pips |  |
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| Week to-date | -0.71% | -92.8 Pips | |
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| September | -0.96% | -126.2 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Thu 02:15 PM GBP Bank of England Monetary Policy Report Hearings
What happened lately
The U.S. Consumer Price Index (CPI) inflation rate for August remained steady at 0.2%, unchanged from the rate reported in July. Source: Bureau of Labor Statistics
The U.S. CPI inflation rate over 12-month period for August decreased to 2.5% from 2.9% in July. Source: Bureau of Labor Statistics
What can we expect from GBPUSD today?
GBPUSD on Wednesday dropped -0.29% to 1.30406. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.29911 with break below could see further selling pressure towards S2 at 1.29415. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.31112 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.30016 would indicate selling pressure.
For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.71%.
Key levels to watch out:
| R3 | 1.32103 |
| R2 | 1.31607 |
| R1 | 1.31007 |
| Daily Pivot | 1.30511 |
| S1 | 1.29911 |
| S2 | 1.29415 |
| S3 | 1.28815 |
