GBPUSD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | -0.67% | -89.0 Pips | ▼ |
| Week to-date | -1.52% | -204.0 Pips | ▼ |
| June | -1.91% | -257.0 Pips | ▼ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Fri 01:00 PM | USD | NONE | Juneteenth Freedom Day |
| Fri 02:00 PM | GBP | HIGH | Retail Sales Volumes (1-mth) |
What happened lately
The GBPUSD currency pair experienced a decline on Thursday, dropping by 0.67% to close at 1.32020. The trading session saw the pair reach a high of 1.33240 and a low of 1.31900. This movement occurred amid a backdrop of key economic releases from both the UK and the US.
In the United States, the Federal Reserve’s interest rate decision was announced, with the Federal Funds Rate remaining unchanged at 3.75%. This was in line with both the consensus and the previous rate, indicating no immediate changes in US monetary policy.
On the UK side, the Labour Force Survey Employment Change showed an increase of 100, compared to the consensus of 80 and a previous figure of 148. Additionally, the Bank of England’s interest rate decision also saw the Bank Rate hold steady at 3.75%, matching both the consensus and the previous rate.
Looking ahead, the market will be watching the upcoming UK Retail Sales Volumes data, scheduled for release on Friday at 02:00 PM GMT+8. This event is expected to have a high impact on the GBP, potentially influencing future price movements in the GBPUSD pair.
Overall, the GBPUSD’s decline on Thursday reflects a market sentiment that may be cautious, given the lack of changes in interest rates from both the Federal Reserve and the Bank of England. The upcoming retail sales data could provide further direction for the pair, depending on how the actual figures compare to market expectations.
What can we expect from GBPUSD today?
The GBPUSD pair is showing a bearish daily outlook, having closed at 1.32020, down 0.67% from the previous day. The pair remains below the 9-day EMA, suggesting continued downward pressure.
If the GBPUSD manages to break above the daily pivot of 1.32387, it could trigger a bullish scenario. In this case, traders should watch for resistance at R1, 1.32873, and further at R2, 1.33727. A rising stochastic indicator could support this upward movement if momentum builds.
On the downside, a bearish continuation could be confirmed if the pair falls below the first support level of 1.31533. Should selling pressure increase, the next key level to monitor would be S2 at 1.31047. The overall bearish weekly outlook and performance suggest that the pair may continue to face challenges in gaining upward traction.
📈 Bull Scenario Watch resistance levels R1 and R2 for bullish continuation. | 📉 Bear Scenario Watch support levels S1 and S2 for bearish breakdown. |
Key levels to watch out:
| R3 | 1.34213 |
| R2 | 1.33727 |
| R1 | 1.32873 |
| Daily Pivot | 1.32387 |
| S1 | 1.31533 |
| S2 | 1.31047 |
| S3 | 1.30193 |