GBPUSD on Thursday rose 0.14% to 1.27486. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Thursday
Thursday0.14%18 Pips
Week to-date0.43%54.6 Pips
August-0.68%-86.9 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇺🇸 In the week ending 12 August, U.S. Initial Unemployment Insurance Claims dropped to 239K compared to previous figure 250K (revised upward from 248K) Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in August exceed forecast and rose to 12 points compared to previous figure -13.5 points in July
🇺🇸 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

GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Thursday rose 0.14% to 1.27486. 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 1.27048 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27873 or trades above daily pivot 1.27461. Break above could target R1 at 1.27898. While to the downside, we are looking at 1.27048 (S1) and daily low of 1.27023 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27873 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:

Daily Pivot1.27461

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

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