• Sat. Nov 2nd, 2024

GBPUSD on Wednesday rose 0.03% to 1.29021. Pair in consolidation. What we know.

GBPUSD

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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 0.03% 4 Pips
Week to-date -0.24% -31 Pips
July 2% 253.5 Pips

Upcoming key events (London Time)

  Thu 01:30 PM USD GDP annual rate
  Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
  Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

 🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.


What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.03% to 1.29021. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.28737 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.29374 or trades above daily pivot 1.29055. Break above could target R1 at 1.2934. While to the downside, we are looking at 1.28737 (S1) and daily low of 1.28771 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.29374 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 1.29943
R2 1.29658
R1 1.2934
Daily Pivot 1.29055
S1 1.28737
S2 1.28452
S3 1.28134