GBPUSD on Thursday dropped -0.53% to 1.26273. End November up by 3.95% or 479.3 pips higher. What we know.

GBPUSD Analysis

Performance after Thursday
Thursday-0.53%-67.8 Pips
Week to-date0.21%25.9 Pips
November3.95%479.3 Pips

Upcoming key events (London Time)

Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor

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What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.53% to 1.26273. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at S1 1.25833 with break below could see further selling pressure towards S2 at 1.25392. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.27108 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.26030 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 0.21% over the past few days.

GBPUSD ended month of November trading session up by 3.95% or 479.3 pips higher.

Key levels to watch out:

Daily Pivot1.2647

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