GBPUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.15% | 19 Pips |  |
||
| Week to-date | 0.73% | 89.2 Pips |  |
||
| March | 2.04% | 245.2 Pips | |
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Upcoming key events (London Time)
Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft
What happened lately
📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
📆 ☢️ 🇬🇧 GBP Bank of England Interest Rate Decision (Bank Rate) rose to 4.25% compared to previous rate 4%. Source 📆 ☢️ 🇺🇸 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 Thursday rose 0.15% to 1.22870. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.22502 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.23435 or trades above daily pivot 1.22968. While to the downside, the daily low of 1.22600 and 1.22502 (S1) as immediate support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.23435 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 0.73% over the past few days.
Key levels to watch out:
| R3 | 1.24172 |
| R2 | 1.23803 |
| R1 | 1.23337 |
| Daily Pivot | 1.22968 |
| S1 | 1.22502 |
| S2 | 1.22133 |
| S3 | 1.21667 |
You might be interested in:
U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Bank Rate increased to 4.25% – March 2023 Source: Bank of England Index Suggests Economic Growth Declined in February Source: Chicago Fed Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve Federal Reserve issues FOMC statement Source: Federal Reserve 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
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