GBPUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.38% | -47.1 Pips |  |
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| Week to-date | -0.61% | -76.3 Pips | |
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| May | -1.54% | -193.7 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened lately
GBP PPI Core Output (12-mth) n.seasonal adjustment in April dropped to 6% compared to previous figure 8.3% (revised from 8.5%). Office for National Statistics 🇬🇧 PPI Core Output (1-mth) n.seasonal adjustment in April below forecast and dropped to 0% compared to previous figure 0.3% in March Office for National Statistics 🇬🇧 CPI Inflation Rate (12-mth) in April exceed forecast and dropped to 8.7% compared to previous figure 10.1% in March Office for National Statistics 🇬🇧 CPI Inflation Rate (1-mth) in April exceed forecast and rose to 1.2% compared to previous figure 0.8% in March Office for National Statistics 🇬🇧 Retail Price Index (1-mth) in April exceed forecast and rose to 1.5% compared to previous figure 0.7% in March Office for National Statistics 🇬🇧 Core CPI Inflation Rate (12-mth) in April exceed forecast and rose to 6.8% compared to previous figure 6.2% in March Office for National Statistics 🇺🇸 New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Census Bureau
What can we expect from GBPUSD today?
GBPUSD on Wednesday dropped -0.38% to 1.23677. Price is below 9-Day EMA while Stochastic is falling in oversold 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 1.23266 with break below could see further selling pressure towards S2 at 1.22855. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.24696 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.23570 would indicate selling pressure.
For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.61%.
Key levels to watch out:
| R3 | 1.25518 |
| R2 | 1.25107 |
| R1 | 1.24392 |
| Daily Pivot | 1.23981 |
| S1 | 1.23266 |
| S2 | 1.22855 |
| S3 | 1.2214 |
You might be interested in:
Minutes of the Federal Open Market Committee, May 2-3, 2023. Federal Reserve New Home Sales. Census Bureau
Consumer price inflation, UK: April 2023. National Statistics Consumer price inflation, UK: April 2023 time series. National Statistics Producer Price Inflation, UK: April 2023. National Statistics Producer Price Inflation, UK: April 2023 time series. National Statistics Gross Domestic Product for the U.S. Virgin Islands, 2021. Bureau of Economic Analysis
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