GBPUSD on Thursday dropped 0% to 1.21396. Pair in consolidation. What we know.
|Performance after Thursday|
|Week to-date||0.01%||1.8 Pips|
Upcoming key events (London Time)
Fri 01:00 AM USD President Joe Biden speech
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)
What happened lately
🇬🇧 U.K. GfK Consumer Confidence in October exceed forecast and dropped to -30 points compared to previous figure -21 points in September GfK
🇺🇸 In the week ending 14 October, U.S. Initial Unemployment Insurance Claims dropped to 198K compared to previous figure 209K Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in October exceed forecast and improved to -9 points compared to previous figure -13.5 points in September
🇺🇸 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
What can we expect from GBPUSD today?
GBPUSD on Thursday dropped 0% to 1.21396. 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 1.2089 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.21917 or trades above daily pivot 1.21403. Break above could target R1 at 1.2191. While to the downside, we are looking at 1.2089 (S1) and daily low of 1.20897 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.20897 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:
Powell, Opening Remarks. Federal Reserve
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