GBPUSD on Thursday dropped -0.98% to 1.26572. What we know.

GBPUSD Analysis

Performance after Thursday
PeriodPctChgMomentum
Thursday-0.98%-125.8 Pips
Week to-date-0.64%-81.8 Pips
March0.27%34.1 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Retail Sales Volumes (1-mth)
Fri 01:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇬🇧 U.K. Bank of England Interest Rate Decision (Bank Rate) unchanged at 5.25% compared to previous rate 5.25% Source: Bank of England
🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.6% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
🇬🇧 U.K. CPI Inflation Rate (CPIH) (1-mth) in February rose to 0.6% compared to previous figure -0.6% in January Source: Office for National Statistics
🇬🇧 U.K. Retail Price Index (1-mth) in February rose to 0.8% compared to previous figure -0.3% in January Source: Office for National Statistics
🇬🇧 U.K. Producer Price Index – Output (1-mth) n.seasonal adjustment in February rose to 0.3% compared to previous figure -0.2% in January

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What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.98% to 1.26572. Price is below 9-Day EMA while Stochastic is rising.

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 1.26037 with break below could see further selling pressure towards S2 at 1.25502. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.28033 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.26500 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.64%.

Key levels to watch out:

R31.29103
R21.28568
R11.2757
Daily Pivot1.27035
S11.26037
S21.25502
S31.24504

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