GBPUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.4% | 49.4 Pips |  |
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| Week to-date | 0.74% | 90 Pips |  |
||
| March | 2.04% | 244.9 Pips | |
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Upcoming key events (London Time)
Thu 12:00 PM GBP Bank of England MPC Minutes Thu 12:00 PM GBP Bank of England Asset Purchase Facility Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate) Thu 12:00 PM GBP Bank of England Monetary Policy Summary
Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft
What happened lately
📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source 📆 🇬🇧 GBP Retail Price Index (1-mth) in February exceed forecast and rose to 1.2% compared to previous figure 0% in January. Source
What can we expect from GBPUSD today?
GBPUSD on Wednesday rose 0.4% to 1.22650. Price is above 9-Day EMA while Stochastic is in overbought zone.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.22031 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.23347 or trades above daily pivot 1.22689. While to the downside, the daily low of 1.22070 and 1.22031 (S1) as immediate support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.23347 would suggest bullish bias 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 0.74% over the past few days.
Key levels to watch out:
| R3 | 1.24585 |
| R2 | 1.23966 |
| R1 | 1.23308 |
| Daily Pivot | 1.22689 |
| S1 | 1.22031 |
| S2 | 1.21412 |
| S3 | 1.20754 |
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Producer Price Inflation, UK: February 2023 Source: National Statistics Consumer price inflation, UK: February 2023 Source: National Statistics Consumer price inflation, UK: February 2023 time series Source: National Statistics Producer Price Inflation, UK: February 2023 time series Source: National Statistics Quarterly Financial Report Source: Census Bureau Quarterly Financial Report – Retail Source: Census Bureau Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve
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