GBPUSD on Wednesday rose 0.03% to 1.24862. Pair in consolidation. What we know.
GBPUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.03% | 3.8 Pips |  | ||
| Week to-date | 0.28% | 35.2 Pips | | ||
| May | -0.58% | -72.6 Pips |  | ||
Upcoming key events (London Time)
Thu 10:15 AM GBP Bank of England Monetary Policy Report Hearings
What happened lately
USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau 🇺🇸 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 Wednesday rose 0.03% to 1.24862. 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 1.24347 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.25102 or trades above daily pivot 1.24725. Break above could target R1 at 1.25239. While to the downside, we are looking at 1.24347 (S1) and daily low of 1.24210 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.25102 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:
| R3 | 1.26131 |
| R2 | 1.25617 |
| R1 | 1.25239 |
| Daily Pivot | 1.24725 |
| S1 | 1.24347 |
| S2 | 1.23833 |
| S3 | 1.23455 |
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New Residential Construction. Census Bureau Manufacturing and Trade Inventories and Sales. Census Bureau 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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