GBPUSD on Wednesday dropped -0.36% to 1.24927. What is going on.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.36%	-45.7 Pips
Week to-date	0.29%	36.3 Pips
November	2.84%	344.8 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau

Latest from X (Twitter)

Tweets by Office for National Statistics

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.36% to 1.24927. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

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 1.24444 with break below could see further selling pressure towards S2 at 1.23962. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.25493 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.24486 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:

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
UK productivity flash estimate: July to September 2023. National Statistics
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve