GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.26%	-31.8 Pips
Week to-date	0.35%	42.2 Pips
October	-0.15%	-18 Pips

Upcoming key events (London Time)

Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)

What happened lately

🇺🇸 U.S. Monthly Retail Trade (1-mth) in September exceed forecast and dropped to 0.7% compared to previous figure 0.8, revised from 0.6% in August Census Bureau
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in August dropped to 7.8% compared to previous figure 7.9% (revised from 7.8%) Office for National Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in October below forecast and dropped to -4.6 points compared to previous figure 1.9 points in September

What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.26% to 1.21800. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.21364 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.22160 or trades above daily pivot 1.21762. Break above could target R1 at 1.22198. While to the downside, we are looking at 1.21364 (S1) and daily low of 1.21326 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.21326 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:

You might be interested in:

Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023. Federal Reserve
Advance Monthly Sales for Retail and Food Services. Census Bureau
Business Formation Statistics. Census Bureau