GBPUSD on Thursday dropped -0.4% to 1.27463. What we know.

GBPUSD Analysis

Performance after Thursday
PeriodPctChgMomentum
Thursday-0.4%-51.4 Pips
Week to-date-0.83%-106.5 Pips
March0.99%125.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Monthly Retail Trade (1-mth) in February rose to 0.6% compared to previous figure -0.8% in January Source: Census Bureau
🇺🇸 U.S. PPI excluding Food and Energy sectors (12-mth) in February unchanged at 2% compared to previous report in January.
🇬🇧 U.K. Industrial Production (1-mth) in January dropped to -0.2% compared to previous figure 0.6% in December
🇬🇧 U.K. GDP (1-mth) in January rose to 0.2% compared to previous figure -0.1% in December Source: Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.4% to 1.27463. Price is below 9-Day EMA while Stochastic is falling.

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 1.271 with break below could see further selling pressure towards S2 at 1.26737. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.28230 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.27302 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:

R31.28956
R21.28593
R11.28028
Daily Pivot1.27665
S11.271
S21.26737
S31.26172

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