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GBPUSD on Thursday dropped -0.6% to 1.24131. What we know.

GBPUSD on Thursday dropped -0.6% to 1.24131. What we know.

GBPUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.6% -74.5 Pips
Week to-date -0.27% -33.9 Pips
May -1.18% -148.2 Pips

Upcoming key events (London Time)

Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇬🇧 GfK Consumer Confidence in May improved to -27 points compared to previous figure -30 points in April GfK
🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April
USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau


GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.6% to 1.24131. Price is below 9-Day EMA while Stochastic is falling.

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 1.23711 with break below could see further selling pressure towards S2 at 1.2329. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.24930 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.23900 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.27%.

Key levels to watch out:

R3 1.25771
R2 1.2535
R1 1.24741
Daily Pivot 1.2432
S1 1.23711
S2 1.2329
S3 1.22681

You might be interested in:

GDP, UK regions and countries : July to September 2022. National Statistics
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau
UK productivity flash estimate: January to March 2023. National Statistics
UK labour market: May 2023. National Statistics

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