GBPUSD on Thursday rose 0.32% to 1.25335. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Thursday
Thursday0.32%40.5 Pips
Week to-date0.62%77.1 Pips
November3.17%385.5 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇬🇧 U.K. GfK Consumer Confidence in November below forecast and improved to -24 points compared to previous figure -30 points in October GfK
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau

Latest from X (Twitter)

What can we expect from GBPUSD today?

GBPUSD on Thursday rose 0.32% to 1.25335. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.24915 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.25691 or trades above daily pivot 1.25303. Break above could target R1 at 1.25723. While to the downside, we are looking at 1.24915 (S1) and daily low of 1.24883 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.25691 may suggest continuation after recent positive movement.

For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 0.62% over the past few days.

Key levels to watch out:

Daily Pivot1.25303

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
UK productivity flash estimate: July to September 2023. National Statistics
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve

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