GBPUSD declines 0.25% to close at 1.35240 on Thursday
GBPUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | -0.25% | -34.0 Pips | ▼ |
| Week to-date | 0.49% | 66.0 Pips | ▲ |
| April | 2.28% | 302.0 Pips | ▲ |
Upcoming key events (GMT+8)
No major events for the day.
What happened lately
The GBPUSD pair experienced a decline of 0.25% on Thursday, closing at 1.35240 after reaching a high of 1.35940 and a low of 1.35130. The movement in the currency pair was not directly linked to any specific economic data releases or events on that day, as no major economic events were scheduled.
In recent economic developments, the U.K. reported a 0.5% increase in GDP for February, up from 0% in January, indicating some economic growth. However, the manufacturing sector showed signs of weakness with Manufacturing Production decreasing by 0.1% in February, down from a revised 0.2% in January. Conversely, Industrial Production in the U.K. improved to 0.5% in February from -0.1% in January.
In the U.S., the New York Empire State Manufacturing Index saw a significant rise to 11 points in April from -0.2 points in March, suggesting a rebound in manufacturing activity. Additionally, the U.S. Initial Unemployment Insurance Claims dropped to 207,000 for the week ending 11 April, compared to 219,000 previously, indicating a strengthening labor market. The U.S. Manufacturing Business Outlook Survey also showed an improvement, rising to 26.7 points in April from 18.1 points in March. However, U.S. Industrial Production remained unchanged at 0.2% in March, with a decrease of 0.5% following a revised increase in February.
There are no major upcoming events scheduled that could impact the GBPUSD pair in the immediate future. Overall, the market sentiment appears mixed, with positive indicators from the U.S. manufacturing sector and labor market, while the U.K. shows a combination of growth in GDP and industrial production but a decline in manufacturing output. This mixed economic backdrop may have contributed to the subdued movement in the GBPUSD pair.
What can we expect from GBPUSD today?
Today, the GBPUSD pair is experiencing a bearish daily outlook, having closed at 1.35240 with a decline of 0.25%. Despite the daily bearish sentiment, the weekly outlook remains bullish with a performance of 0.49% so far.
📈 Bull Scenario A bullish scenario for GBPUSD could be triggered if the pair manages to break above the daily pivot of 1.35437. Traders should watch for a move towards the first resistance level at 1.35743, and if momentum continues, the second resistance at 1.36247 could be tested. The rising stochastic in the overbought zone suggests potential for upward movement, although caution is advised. | 📉 Bear Scenario Conversely, a bearish scenario may unfold if GBPUSD falls below the first support level at 1.34933. A further decline could see the pair testing the second support level at 1.34627. The current daily bearish outlook and the pair trading above the 9-day EMA indicate potential downward pressure, despite the weekly bullish sentiment. |
Key levels to watch out:
| R3 | 1.36553 |
| R2 | 1.36247 |
| R1 | 1.35743 |
| Daily Pivot | 1.35437 |
| S1 | 1.34933 |
| S2 | 1.34627 |
| S3 | 1.34123 |
