GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.65%	-81.2 Pips
Week to-date	1.57%	192.4 Pips
November	2.21%	267.9 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇺🇸 U.S. New York Empire State Manufacturing Index in November exceed forecast and rose to 9.1 points compared to previous figure -4.6 points in October
🇺🇸 U.S. Producer Price Index (12-mth) in October below forecast and dropped to 1.3% compared to previous figure 2.2% in September
🇬🇧 U.K. CPI Inflation Rate (CPIH) (12-mth) in October below forecast and dropped to 4.6% compared to previous figure 6.7% in September Office for National Statistics
🇬🇧 U.K. Retail Price Index (1-mth) in October below forecast and dropped to -0.2% compared to previous figure 0.5% in September Office for National Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in October below forecast and dropped to 0.2% compared to previous figure 0.3% in September Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.2% compared to previous figure 3.7% in September Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in October below forecast and dropped to 0% compared to previous figure 0.4% in September Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in October below forecast and dropped to 4% compared to previous figure 4.1% in September Bureau of Labor Statistics
🇬🇧 U.K. Claimant Count Rate in October unchanged at 4% compared to previous report in September. Office for National Statistics
🇬🇧 U.K. Labour Market Employment Change in September exceed forecast and dropped to -207K compared to previous figure -82K in August Office for National Statistics
🇬🇧 U.K. ILO Unemployment Rate (3-mth) in September unchanged at 4.2% compared to previous report in August. Office for National Statistics
🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in September exceed forecast and dropped to 7.9% compared to previous figure 8.2, revised from 8.1% in August Office for National Statistics
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in September dropped to 7.7% compared to previous figure 7.8% in August Office for National Statistics
🇬🇧 U.K. Claimant Count Change in October below forecast and dropped to 17.8K compared to previous figure 20.4K in September Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.65% to 1.24161. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.23804 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.24977 or trades above daily pivot 1.2439. Break above could target R1 at 1.24748. While to the downside, we are looking at 1.23804 (S1) and daily low of 1.24033 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.24033 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:

Advance Monthly Sales for Retail and Food Services. Census Bureau
People claiming unemployment benefits by constituency. House of Commons
UK labour market: November 2023. National Statistics
CPI for all items unchanged in October; shelter up. Bureau of Labor Statistics
Business Formation Statistics. Census Bureau