GBPUSD on Thursday dropped -1.07% to 1.21797. What we know.

GBPUSD Analysis

Performance after Thursday
Thursday-1.07%-131.3 Pips
Week to-date-0.48%-58.3 Pips
October-0.15%-17.8 Pips

Upcoming key events (London Time)

Fri 09:00 AM GBP Bank of England Governor Andrew Bailey speech
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 In the week ending 07 October, U.S. Initial Unemployment Insurance Claims rose to 209K compared to previous figure 207K Department of Labor
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in September dropped to 4.1% compared to previous figure 4.3% in August Bureau of Labor Statistics
🇬🇧 U.K. GDP (1-mth) in August rose to 0.2% compared to previous figure -0.6% (revised from -0.5%) Office for National Statistics
🇬🇧 U.K. Industrial Production (1-mth) in August exceed forecast and improved to -0.7% compared to previous figure -1.1, revised from -0.7% in July
🇺🇸 U.S. Producer Price Index (12-mth) in September exceed forecast and rose to 2.2% compared to previous figure 2, revised from 1.6% in August


What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -1.07% to 1.21797. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at S1 1.21228 with break below could see further selling pressure towards S2 at 1.20658. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.23315 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.21702 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

Key levels to watch out:

Daily Pivot1.22271

You might be interested in:

Minutes of the Federal Open Market Committee, September 19-20, 2023. Federal Reserve
Monthly Wholesale Trade: Sales and Inventories. Census Bureau

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