GBPUSD on Wednesday rose 0.41% to 1.26621. What we know.
|Performance after Wednesday|
|Week to-date||0.69%||86.7 Pips|
Upcoming key events (London Time)
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. Interest Rate Projections rose to 5.6% compared to previous rate 5.1%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.25% compared to previous rate 5.25% Federal Reserve
🇺🇸 U.S. Interest Rate Projections – Longer unchanged at 2.5% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections – 1st year rose to 4.6% compared to previous rate 4.3%
🇺🇸 U.S. Interest Rate Projections – 2nd year rose to 3.4% compared to previous rate 3.1%
🇬🇧 U.K. NIESR GDP 3-mth Estimate in May below forecast and dropped to 0% compared to previous figure 0.1% in April NIESR
🇬🇧 U.K. Industrial Production (1-mth) in April exceed forecast and dropped to -0.3% compared to previous figure 0.7% in March
🇬🇧 U.K. GDP (1-mth) in April rose to 0.2% compared to previous figure -0.3% in March Office for National Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in May below forecast and dropped to 4% compared to previous figure 4.9% in April Bureau of Labor Statistics
🇬🇧 U.K. Claimant Count Change in May below forecast and dropped to -13.6K compared to previous figure 23.4, revised from 46.7K in April Office for National Statistics
What can we expect from GBPUSD today?
GBPUSD on Wednesday rose 0.41% to 1.26621. 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 1.27072 with break above could target R2 at 1.27522 or figure level area. While towards the downside, we are looking at daily low of 1.26005 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.26989 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 0.69% over the past few days.
Key levels to watch out:
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