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 | -0.5% | -66.6 Pips |  |
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| Week to-date | -0.16% | -21.3 Pips |  |
||
| August | 2.63% | 338.3 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP annual rate
Fri 01:30 PM USD PCE Price Index (excluding food and energy) (1-mth)
Fri 01:30 PM USD PCE Price Index (excluding food and energy) (12-mth)
What happened lately
U.S. House Price Index (1-mth) in June dropped to -0.1% from 0% in May. Source: FHFA
What can we expect from GBPUSD today?
GBPUSD on Wednesday dropped -0.5% to 1.31914. Price is above 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 1.31522 with break below could see further selling pressure towards S2 at 1.31131. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.32605 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.31672 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 | 1.33388 |
| R2 | 1.32997 |
| R1 | 1.32455 |
| Daily Pivot | 1.32064 |
| S1 | 1.31522 |
| S2 | 1.31131 |
| S3 | 1.30589 |
