GBPUSD on Thursday dropped -0.3% to 1.31647. What we know.

GBPUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.3%	-39.4 Pips
Week to-date	-0.36%	-48 Pips
August	2.43%	311.8 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD PCE Price Index, excluding food and energy (1-mth)
Fri 01:30 PM USD PCE Price Index, excluding food and energy (12-mth)

What happened lately

🇺🇸 U.S. Pending Home Sales (1-mth) in July dropped to -5.5%, compared to a previous figure of 4.8% in June.
🇺🇸 The U.S. GDP annual rate in the Q2 flash estimate rose to 3%, compared to the previous figure of 2.8% in Q1. Source: Bureau of Economic Analysis
🇺🇸 The U.S. GDP Price Index (Quarterly) rose to 2.5% in Q2 flash estimate, up from 2.3% in Q1. Source: Bureau of Economic Analysis
The U.S. Q2 flash estimate for PCE excluding food and energy prices (3-month) dropped to 2.8%, compared to the previous figure of 2.9% in Q1. Source: Bureau of Economic Analysis
🇺🇸 The U.S. PCE Price (3-month) for Q2’s flash estimate dropped to 2.5%, down from the previous 2.6% in Q1. Source: Bureau of Economic Analysis
🇺🇸 In the week ending 24 August, U.S. Initial Unemployment Insurance Claims dropped to 231K compared to previous figure 232K Source: Department of Labor

Latest from X (Twitter)

Tweets by Office for National Statistics

What can we expect from GBPUSD today?

GBPUSD on Thursday dropped -0.3% to 1.31647. Price is above 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 S1 1.31308 with break below could see further selling pressure towards S2 at 1.30969. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.32270 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.31450 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

Key levels to watch out:

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