• Sun. Jul 14th, 2024

GBPUSD on Wednesday rose 0.51% to 1.27949. What we know.

market 4

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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 0.51% 65.5 Pips
Week to-date 0.4% 51.2 Pips
June 0.51% 65.1 Pips

Upcoming key events (London Time)

  Thu 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

 🇺🇸 U.S. Interest Rate Projections – 2nd year unchanged at 3.1% compared to previous rate 3.1%
 🇺🇸 U.S. Interest Rate Projections rose to 5.1% compared to previous rate 4.6%
 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
 🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and rose to 4.1% compared to previous rate 3.9%
 🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.8% compared to previous rate 2.6%
 🇺🇸 U.S. Monthly Budget Statement in May dropped to -347$ compared to previous figure 209.5$ in April Source: Bureau of the Fiscal Service
 🇺🇸 U.S. CPI Inflation Rate (1-mth) in May dropped to 0% compared to previous figure 0.3% in April Source: Bureau of Labor Statistics
 🇺🇸 U.S. CPI Inflation Rate (12-mth) in May dropped to 3.3% compared to previous figure 3.4% in April Source: Bureau of Labor Statistics
 🇬🇧 U.K. GDP (1-mth) in April dropped to 0% compared to previous figure 0.4% in March Source: Office for National Statistics
 🇬🇧 U.K. Industrial Production (1-mth) in April dropped to -0.9% compared to previous figure 0.2% in March
 🇬🇧 U.K. Labour Force Survey Employment Change in April improved to -140K compared to previous figure -177K in March Source: Office for National Statistics


What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.51% to 1.27949. Price is above 9-Day EMA while Stochastic is falling.

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 1.28594 with break above could target R2 at 1.29239 or figure level area. While towards the downside, we are looking at daily low of 1.27324 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.28604 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 1.29874
R2 1.29239
R1 1.28594
Daily Pivot 1.27959
S1 1.27314
S2 1.26679
S3 1.26034
On Key

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