GBPUSD on Thursday dropped -0.19% to 1.24370. Why it matters.

GBPUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.19%	-23.9 Pips
Week to-date	1.22%	150 Pips
April	0.4%	49.2 Pips

Upcoming key events (London Time)

Fri 12:00 AM GBP Good Friday
Fri 06:00 AM USD Good Friday
Fri 01:30 PM USD Nonfarm Payroll Employment | Mar

What happened lately

🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Department of Labor
📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February.
📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January.

What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.19% to 1.24370. Price is above 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 1.24038 with break below could see further selling pressure towards S2 at 1.23705. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.24867 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.24120 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 1.22% over the past few days.

Key levels to watch out:

You might be interested in:

U.S. International Trade in Goods and Services, February 2023. Bureau of Economic Analysis
U.S. International Trade in Goods and Services. Census Bureau
Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
February job openings and layoffs and discharges decrease; quits edge up. Bureau of Labor Statistics Publications

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