GBPUSD on Wednesday dropped -0.34% to 1.21436. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
Wednesday-0.34%-41.1 Pips
Week to-date0.05%5.8 Pips
October-0.44%-53.4 Pips

Upcoming key events (London Time)

Thu 05:00 PM USD Federal Reserve Chair Jerome Powell speech
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Census Bureau
🇬🇧 U.K. Retail Price Index (12-mth) in September dropped to 8.9% compared to previous figure 9.1% in August Office for National Statistics
🇬🇧 U.K. Core CPI Inflation Rate (12-mth) in September exceed forecast and dropped to 6.1% compared to previous figure 6.2% in August Office for National Statistics
🇺🇸 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


What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.34% to 1.21436. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.21161 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.22113 or trades above daily pivot 1.21637. Break above could target R1 at 1.21912. While to the downside, we are looking at 1.21161 (S1) and daily low of 1.21362 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.21362 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 Pivot1.21637

You might be interested in:

New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
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

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