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 | 0.3% | 39.4 Pips |  |
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| Week to-date | 0.32% | 41.8 Pips | |
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| July | 2.85% | 360.8 Pips |  |
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Upcoming key events (London Time)
Thu 07:00 AM GBP Labour Force Survey Employment Change
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)
What happened lately
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇬🇧 The U.K. annualized CPI Inflation Rate for June remained unchanged at 2% compared to May’s report. Source: Office for National Statistics
🇬🇧 The U.K. CPI Inflation Rate for June dropped to 0.1% from 0.3% in May. Source: Office for National Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
What can we expect from GBPUSD today?
GBPUSD on Wednesday rose 0.3% to 1.30086. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for GBPUSD looks bullish as the pair ended higher after Wednesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.30467 with break above could target R2 at 1.30849 or figure level area. While towards the downside, we are looking at daily low of 1.29656 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.30443 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 0.32% over the past few days.
Key levels to watch out:
| R3 | 1.31254 |
| R2 | 1.30849 |
| R1 | 1.30467 |
| Daily Pivot | 1.30062 |
| S1 | 1.2968 |
| S2 | 1.29275 |
| S3 | 1.28893 |
