GBPUSD on Thursday dropped -0.43% to 1.1977. Downside ahead. How it happened.



Thursday
Open High Low Close
1.20372 1.20742 1.19640 1.19765
Performance after Thursday
Period Pct Chg Momentum
Thursday -0.43% -51.5 Pips
Week to-date -0.67% -81 Pips
February -2.79% -343.4 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in February below forecast and dropped to -24.3 points compared to previous figure -8.9 points in January. Source
📆 ☢️ 🇺🇸 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 Thursday dropped -0.43% to 1.1977. Price is below 9-Day EMA while Stochastic is falling.

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

Looking ahead for the day, immediate support level is at 1.19356 (S1) with break below could see further selling pressure towards 1.18947 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.2074 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 1.1964 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 1.21560
R2 1.21151
R1 1.20458
Daily Pivot 1.20049
S1 1.19356
S2 1.18947
S3 1.18254

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Last updated: 11:34 pm UTC, 16-Feb 2023

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