GBPUSD on Wednesday rose 0.47% to 1.26224. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.47%	59.6 Pips
Week to-date	0.62%	77.9 Pips
December	0.01%	1.1 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Thu 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇺🇸 U.S. Interest Rate Projections – Longer unchanged at 2.5% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections – 3rd year unchanged at 2.9% compared to previous rate 2.9%
🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.6% compared to previous rate 3.9%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections dropped to 5.4% compared to previous rate 5.6%
🇺🇸 U.S. Interest Rate Projections – 1st year dropped to 4.6% compared to previous rate 5.1%
🇺🇸 U.S. Producer Price Index (1-mth) in November below forecast and rose to 0% compared to previous figure -0.4, revised from -0.5% in October
🇬🇧 U.K. Manufacturing Production (1-mth) in October below forecast and dropped to -1.1% compared to previous figure 0.1% in September
🇬🇧 U.K. GDP (1-mth) in October exceed forecast and dropped to -0.3% compared to previous figure 0.2% in September Source: Office for National Statistics
🇬🇧 U.K. Industrial Production (1-mth) in October exceed forecast and dropped to -0.8% compared to previous figure 0% in September
🇬🇧 U.K. Manufacturing Production (12-mth) in October below forecast and dropped to 0.8% compared to previous figure 3% in September
🇺🇸 U.S. Monthly Budget Statement in November exceed forecast and dropped to -314$ compared to previous figure -67$ in October Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in November dropped to 3.1% compared to previous figure 3.2% in October Source: Bureau of Labor Statistics
🇬🇧 U.K. Claimant Count Rate in November unchanged at 4% compared to previous report in October. Source: Office for National Statistics
🇬🇧 U.K. Labour Market Employment Change in October exceed forecast and dropped to 50K compared to previous figure 54K in September Source: Office for National Statistics
🇬🇧 U.K. ILO Unemployment Rate (3-mth) in October unchanged at 4.2% compared to previous report in September. The actual figure is also in line with the forecast Source: Office for National Statistics
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in October dropped to 7.3% compared to previous figure 7.8% (revised from 7.7%) Source: Office for National Statistics
🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in October below forecast and dropped to 7.2% compared to previous figure 8, revised from 7.9% in September Source: Office for National Statistics
🇬🇧 U.K. Claimant Count Change in November rose to 16K compared to previous figure 8.9K (revised from 17.8K) Source: Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.47% to 1.26224. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.26713 with break above could target R2 at 1.27201 or figure level area. While towards the downside, we are looking at daily low of 1.24998 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.26344 may suggest continuation after recent positive movement.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

Key levels to watch out: