GBPUSD on Wednesday rose 0.06% to 1.27704. Pair in consolidation. What we know.
|Performance after Wednesday|
|Week to-date||-0.38%||-48.2 Pips|
Upcoming key events (London Time)
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
What happened lately
🇬🇧 U.K. Core CPI Inflation Rate (12-mth) in May exceed forecast and rose to 7.1% compared to previous figure 6.8% in April Office for National Statistics
🇬🇧 U.K. CPI Inflation Rate (CPIH) (12-mth) in May unchanged at 8.7% compared to previous report in April. Office for National Statistics
🇬🇧 U.K. Retail Price Index (12-mth) in May exceed forecast and dropped to 11.3% compared to previous figure 11.4% in April Office for National Statistics
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
What can we expect from GBPUSD today?
GBPUSD on Wednesday rose 0.06% to 1.27704. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.27067 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.28023 or trades above daily pivot 1.27545. Break above could target R1 at 1.28182. While to the downside, we are looking at 1.27067 (S1) and daily low of 1.26908 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.28023 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:
You might be interested in:
Powell, Semiannual Monetary Policy Report to the Congress. Federal Reserve
Business Formation Statistics. Census Bureau
Producer Price Inflation, UK: May 2023. National Statistics
Consumer price inflation, UK: May 2023. National Statistics
Producer Price Inflation, UK: May 2023 time series. National Statistics
Consumer price inflation, UK: May 2023 time series. National Statistics
New Residential Construction. Census Bureau
Subregional productivity in the UK: June 2023. National Statistics
Regional labour productivity, UK: 2021. National Statistics
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