GBPUSD on Wednesday dropped -0.49% to 1.20998. What we know.
|Performance after Wednesday|
|Week to-date||-0.5%||-60.2 Pips|
Upcoming key events (London Time)
Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
What happened lately
🇬🇧 U.K. Employment Change in August exceed forecast and improved to -82K compared to previous figure -207K in July Office for National Statistics
🇬🇧 U.K. ILO Unemployment Rate (3-mth) in August below forecast and dropped to 4.2% compared to previous figure 4.3% in July Office for National Statistics
🇬🇧 U.K. Claimant Count Change in September exceed forecast and rose to 20.4K compared to previous figure 0.9K in August Office for National Statistics
What can we expect from GBPUSD today?
GBPUSD on Wednesday dropped -0.49% to 1.20998. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.20741 with break below could see further selling pressure towards S2 at 1.20485. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.21760 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.20994 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:
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