GBPUSD on Wednesday rose 0.24% to 1.27304. Pair in consolidation. What we know.
|Performance after Wednesday|
|Week to-date||0.29%||36.4 Pips|
Upcoming key events (London Time)
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)
What happened lately
🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)
🇬🇧 U.K. CPI Inflation Rate (CPIH) (1-mth) in July below forecast and dropped to -0.4% compared to previous figure 0.1% in June Office for National Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in July exceed forecast and rose to 0.7% compared to previous figure 0.2% in June Census Bureau
🇺🇸 U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%) Census Bureau
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in June rose to 7.8% compared to previous figure 7.5% (revised from 7.3%) Office for National Statistics
🇬🇧 U.K. Employment Change| Jun in June below forecast and dropped to -66K compared to previous figure 102K in May
What can we expect from GBPUSD today?
GBPUSD on Wednesday rose 0.24% to 1.27304. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.26893 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27662 or trades above daily pivot 1.27277. Break above could target R1 at 1.27689. While to the downside, we are looking at 1.26893 (S1) and daily low of 1.26866 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27662 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:
Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Producer Price Inflation, UK: July 2023 time series. National Statistics
Producer Price Inflation, UK: July 2023. National Statistics
Consumer price inflation, UK: July 2023. National Statistics
Consumer price inflation, UK: July 2023 time series. National Statistics
Advanced Monthly Sales for Retail and Food Services. Census Bureau
UK productivity flash estimate: April to June 2023. National Statistics
UK labour market: August 2023. National Statistics
UK trade in goods by business characteristics: 2016 to 2021. National Statistics
UK services trade by business characteristics, 2016 to 2021. National Statistics