GBPUSD on Wednesday rose 0.46% to 1.24839. What we know.

GBPUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.46%57.5 Pips
Week to-date0.62%76.7 Pips
April1.29%159.4 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar
Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash

What happened lately

📆 🇺🇸 USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February. Bureau of Labor Statistics


GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.46% to 1.24839. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.25203 with break above could target R2 at 1.25566 or figure level area. While towards the downside, we are looking at daily low of 1.23970 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.24950 may suggest continuation after recent positive movement.

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

Key levels to watch out:

R31.26183
R21.25566
R11.25203
Daily Pivot1.24586
S11.24223
S21.23606
S31.23243

You might be interested in:

Minutes of the Federal Open Market Committee, March 21-22, 2023. Federal Reserve
CPI for all items rises 0.1% in March as shelter increases. Bureau of Labor Statistics Publications
Monthly Wholesale Trade: Sales and Inventories. Census Bureau

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