GBPUSD on Thursday dropped -0.18% to 1.24326. Pair in consolidation. How it happened.

GBPUSD on Thursday dropped -0.18% to 1.24326. Pair in consolidation. How it happened.

GBPUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.18% -22.2 Pips
Week to-date -0.14% -17.4 Pips
April -1.51% -190.2 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in April rose to 15.5 points compared to previous figure 3.2 points in March
🇺🇸 In the week ending 13 April, Initial Unemployment Insurance Claims in U.S. was unchanged at 212K compared to previous figure 212K (revised from 211K) Source: Department of Labor
🇬🇧 U.K. Retail Price Index (12-mth) in March dropped to 4.3% compared to previous figure 4.5% in February Source: Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.18% to 1.24326. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.24145 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.24845 or trades above daily pivot 1.24495. Break above could target R1 at 1.24676. While to the downside, we are looking at 1.24145 (S1) and daily low of 1.24314 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.24314 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:

R3 1.25207
R2 1.25026
R1 1.24676
Daily Pivot 1.24495
S1 1.24145
S2 1.23964
S3 1.23614

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