GBPUSD on Wednesday rose 0.48% to 1.29913. What we know.

GBPUSD Analysis

Performance after Wednesday
Wednesday0.48%62.3 Pips
Week to-date1.21%155.3 Pips
July2.35%298.6 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in June below forecast and dropped to 0.2% compared to previous figure 0.4% in May Bureau of Labor Statistics
🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in May rose to 6.9% compared to previous figure 6.7% (revised from 6.5%) Office for National Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in June below forecast and rose to 4.2% compared to previous figure 3.7% in May

GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.48% to 1.29913. Price is above 9-Day EMA while Stochastic is rising 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 1.30266 with break above could target R2 at 1.3062 or figure level area. While towards the downside, we are looking at daily low of 1.29037 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.30005 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 1.21% over the past few days.

Key levels to watch out:

Daily Pivot1.29652

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New Foreign Direct Investment in the United States, 2022. Bureau of Economic Analysis
Public service productivity overview, UK: January to March 2023. National Statistics

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