GBPUSD on Wednesday dropped -1.14% to 1.2034. Looking bearish. What you need to know before the next trade.

GBPUSD on Wednesday dropped -1.14% to 1.2034.  Looking bearish. What you need to know before the next trade.



Wednesday
Open High Low Close
1.21721 1.21813 1.19880 1.20336
Performance after Wednesday
Period Pct Chg Momentum
Wednesday -1.14% -138.4 Pips
Week to-date -0.20% -23.9 Pips
February -2.32% -286.3 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source
📆 🇬🇧 GBP Retail Price Index (YoY) in January unchanged at 13.4% compared to previous report in December. . Source
📆 🇬🇧 GBP Core Consumer Price Index (YoY) in January below forecast and dropped to 5.8% compared to previous figure 6.3% in December. Source
GBP PPI Core Output (MoM) n.s.a in January rose to 0.6% compared to previous figure 0.1%. Source
📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source
📆 ☢️ 🇬🇧 GBP Claimant Count Change in January below forecast and dropped to -12.9K compared to previous figure -3.2, revised from 19.7K in December. Source


What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -1.14% to 1.2034. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 1.19540 (S1) with break below could see further selling pressure towards 1.18743 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.2181 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.1988 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.23406
R2 1.22609
R1 1.21473
Daily Pivot 1.20676
S1 1.19540
S2 1.18743
S3 1.17607

You might also be interested in:

Producer Price Inflation, UK: January 2023 time series Source: National Statistics
Consumer price inflation, UK: January 2023 Source: National Statistics
Producer Price Inflation, UK: January 2023 Source: National Statistics
Consumer price inflation, UK: January 2023 time series Source: National Statistics
CPI for all items rises 0.5% in January as shelter increases Source: Bureau of Labor Statistics Publications
UK labour market: February 2023 Source: National Statistics
UK productivity flash estimate: October to December 2022 Source: National Statistics

Last updated: 11:34 pm UTC, 15-Feb 2023

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