GBPUSD rises 1.12% to 1.35390 on Wednesday

GBPUSD Analysis

Upcoming key events (GMT+8)

What happened lately

On Wednesday, the GBPUSD currency pair experienced a notable increase, rising by 1.12% to close at 1.35390. The trading session saw the pair reach a high of 1.35570 and a low of 1.33710.

The movement in the GBPUSD exchange rate occurred following the release of the U.S. Producer Price Index (PPI) excluding Food and Energy sectors for the 12-month period. The actual figure came in at 4.7, which was below the consensus expectation of 5.2 but slightly above the previous reading of 4.6. This data release, categorized as having a high impact, may have influenced market perceptions of inflationary pressures in the U.S. economy.

Looking ahead, market participants are likely to focus on upcoming high-impact economic events. On Thursday at 08:30 PM GMT+8, the U.S. Monthly Retail Trade data will be released, followed by the Index of Consumer Sentiment on Friday at 10:00 PM GMT+8. These events could provide further insights into the economic conditions in the United States and potentially influence the GBPUSD exchange rate.

Overall, the recent price action in the GBPUSD market reflects a significant upward movement, though the specific drivers behind this increase remain unclear based solely on the available economic releases. Traders and investors may be positioning themselves in anticipation of upcoming U.S. economic data, which could shed more light on the current market sentiment and future currency movements.

What can we expect from GBPUSD today?

GBPUSD closed with a 1.12% gain on Wednesday, ending the session at 1.35390. The pair’s daily outlook remains bullish, supported by its position above the 9-day EMA.

Key levels to watch out: