GBPUSD on Tuesday dropped -0.37% to 1.24811. Pair in consolidation. What we know.
GBPUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.37% | -46.9 Pips |  | ||
| Week to-date | 0.27% | 34.1 Pips |  | ||
| May | -0.64% | -80.3 Pips | | ||
Upcoming key events (London Time)
Wed 10:50 AM GBP Bank of England’s Governor Andrew Bailey speech
What happened lately
🇺🇸 Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March Census Bureau 🇬🇧 Average Earnings Including Bonus (3Mo/Yr) in March unchanged at 5.8% compared to previous report in February. Office for National Statistics
What can we expect from GBPUSD today?
GBPUSD on Tuesday dropped -0.37% to 1.24811. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.24487 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.25462 or trades above daily pivot 1.24974. Break above could target R1 at 1.25299. While to the downside, we are looking at 1.24487 (S1) and daily low of 1.24650 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.24650 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:
| R3 | 1.26111 |
| R2 | 1.25786 |
| R1 | 1.25299 |
| Daily Pivot | 1.24974 |
| S1 | 1.24487 |
| S2 | 1.24162 |
| S3 | 1.23675 |
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Advanced Monthly Sales for Retail and Food Services. Census Bureau
UK productivity flash estimate: January to March 2023. National Statistics UK labour market: May 2023. National Statistics UK trade in services by industry, country and service type: 2016 to 2021. National Statistics UK trade in goods by industry, country and commodity: 2008 to 2021. National Statistics
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