GBPUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | 0.34% | 46.0 Pips | ▲ |
| Week to-date | 0.55% | 73.0 Pips | ▲ |
| June | -0.35% | -47.0 Pips | ▼ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Fri 10:00 PM | USD | HIGH | Index of Consumer Sentiment |
What happened lately
The GBPUSD currency pair experienced a modest increase on Thursday, rising by 0.34% to close at 1.34120. Throughout the trading session, the pair reached a high of 1.34330 and a low of 1.33220, indicating a period of consolidation.
In the previous trading day, the U.S. Producer Price Index (PPI) excluding Food and Energy sectors was released, showing an annual increase of 4.9%. This figure came in below the consensus expectation of 5.4% and also marked a decline from the previous reading of 5.2%. Despite this data release, the GBPUSD’s upward movement suggests that the market may have already priced in these figures or that other factors are influencing the pair’s trajectory.
Looking ahead, market participants will be closely watching the upcoming release of the U.S. Index of Consumer Sentiment, scheduled for Friday at 10:00 PM GMT+8. This event is expected to have a high impact on the market, potentially influencing the GBPUSD pair depending on the outcome.
Overall, the market sentiment around GBPUSD appears to be in a state of cautious consolidation, with traders awaiting further economic indicators to provide direction. The recent PPI data did not significantly alter the pair’s course, suggesting that traders may be focusing on upcoming data releases for clearer signals.
What can we expect from GBPUSD today?
GBPUSD has shown a mixed performance with a daily gain of 0.34%, closing at 1.34120. The pair’s outlook remains uncertain as it hovers above the 9-day EMA with a falling stochastic indicator.
📈 Bull Scenario A bullish scenario could unfold if GBPUSD breaks above the daily high of 1.34330, targeting the first resistance level at 1.3456 (R1). Further upward momentum might push the pair towards the second resistance level at 1.35 (R2), supported by continued strength above the 9-day EMA. | 📉 Bear Scenario Conversely, a bearish move may be triggered if GBPUSD falls below the daily pivot of 1.3389, with initial support found at 1.3345 (S1). A sustained decline could see the pair testing the second support level at 1.3278 (S2), especially if the stochastic continues to fall. |
Key levels to watch out:
| R3 | 1.3567 |
| R2 | 1.35 |
| R1 | 1.3456 |
| Daily Pivot | 1.3389 |
| S1 | 1.3345 |
| S2 | 1.3278 |
| S3 | 1.3234 |