GBPUSD on Tuesday rose 0.44% to 1.24295. Pair in consolidation. What we know.
|Performance after Tuesday|
|Week to-date||0.13%||15.7 Pips|
Upcoming key events (London Time)
Wed 07:00 AM GBP CPI Inflation Rate (12-mth)
What happened lately
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Census Bureau
🇬🇧 Claimant Count Change in March exceed forecast and rose to 28.2K compared to previous figure -18.8, revised from -11.2K in February Office for National Statistics
What can we expect from GBPUSD today?
GBPUSD on Tuesday rose 0.44% to 1.24295. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.24237 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.24308 or trades above daily pivot 1.24272. Break above could target R1 at 1.24331. While to the downside, we are looking at 1.24237 (S1) and daily low of 1.24214 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.24308 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:
You might be interested in:
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023. Federal Reserve
New Residential Construction. Census Bureau
Business Formation Statistics. Census Bureau
UK labour market: April 2023. National Statistics
The energy intensity of the Consumer Prices Index: 2022. National Statistics
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