GBPUSD on Wednesday rose 0.28% to 1.23170. What we know.
|Performance after Wednesday|
|Week to-date||0.65%||79 Pips|
Upcoming key events (London Time)
Thu 01:30 PM USD CPI Inflation Rate (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. Producer Price Index excluding Food and Energy sectors (12-mth) in September rose to 2.7% compared to previous figure 2.5% (revised from 2.2%)
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in September below forecast and dropped to 2.8% compared to previous figure 4.3% in August
What can we expect from GBPUSD today?
GBPUSD on Wednesday rose 0.28% to 1.23170. Price is above 9-Day EMA while Stochastic is rising.
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 1.2347 with break above could target R2 at 1.2377 or figure level area. While towards the downside, we are looking at daily low of 1.22680 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.23375 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 0.65% over the past few days.
Key levels to watch out:
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