GBPUSD on Wednesday dropped -0.28% to 1.25573. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.28%	-35 Pips
Week to-date	-1.19%	-150.8 Pips
December	-0.5%	-63.1 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in November unchanged at 2.6% compared to previous report in October.

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What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.28% to 1.25573. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 1.25345 with break below could see further selling pressure towards S2 at 1.25118. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.26134 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.25512 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -1.19%.

Key levels to watch out: