GBPUSD Analysis
| Performance after Tuesday | |||
| Period | Pct | Chg | Momentum |
| Tuesday | -0.42% | -57.0 Pips | ▼ |
| Week to-date | -0.19% | -25.0 Pips | ▼ |
| July | 1.27% | 168.0 Pips | ▲ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Wed 02:00 PM | GBP | HIGH | Consumer Prices Index (CPI) (1-mth) |
What happened lately
The GBPUSD currency pair experienced a decline on Tuesday, falling by 0.42% to close at 1.33710. The trading session saw the pair reach a high of 1.34550 and a low of 1.33570.
The recent Labour Force Survey Employment Change for the UK, released at 14:00 GMT+8, showed an increase in employment numbers, with the actual figure at 147 compared to the previous 100. This data release was marked as having a high impact, indicating its potential significance to market participants.
Looking ahead, market participants will be closely monitoring the upcoming Consumer Prices Index (CPI) data for the UK, scheduled for release at 14:00 GMT+8 on Wednesday. This event is also categorized as having a high impact, suggesting it could influence market sentiment and price movements.
Overall, the market sentiment appears cautious as traders digest the latest employment data and prepare for the forthcoming CPI release. The decline in GBPUSD suggests a degree of uncertainty or reassessment among traders, as they evaluate the implications of the latest economic indicators.
What can we expect from GBPUSD today?
Today, the GBPUSD pair is experiencing a bearish daily outlook, closing at 1.33710 with a decline of 0.42%. The pair’s performance for the week remains mixed, with a slight decrease of 0.19% so far.
If bullish momentum picks up, traders should watch for a break above the daily pivot at 1.33943. A sustained move past the first resistance level (R1) at 1.34317 could indicate further upward potential, with the next target being the second resistance level (R2) at 1.34923. The rising stochastic indicator suggests potential bullish pressure.
On the downside, a bearish scenario could unfold if the pair falls below the first support level (S1) at 1.33337. A continued decline might see the pair testing the second support level (S2) at 1.32963. Despite the price being above the 9-day EMA, the overall daily outlook remains bearish, which could weigh on the pair.
📈 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 | 1.35297 |
| R2 | 1.34923 |
| R1 | 1.34317 |
| Daily Pivot | 1.33943 |
| S1 | 1.33337 |
| S2 | 1.32963 |
| S3 | 1.32357 |