GBPUSD on Tuesday rose 0.71% to 1.26071. What we know.
|Performance after Tuesday|
|Week to-date||0.25%||31.7 Pips|
Upcoming key events (London Time)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD Interest Rate Projections
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇺🇸 U.S. CPI Inflation Rate (12-mth) in May below forecast and dropped to 4% compared to previous figure 4.9% in April Bureau of Labor Statistics
🇬🇧 U.K. Claimant Count Change in May below forecast and dropped to -13.6K compared to previous figure 23.4, revised from 46.7K in April Office for National Statistics
🇺🇸 U.S. Monthly Budget Statement in May exceed forecast and dropped to -240$ compared to previous figure 176$ in April Bureau of the Fiscal Service
What can we expect from GBPUSD today?
GBPUSD on Tuesday rose 0.71% to 1.26071. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
Updated daily direction for GBPUSD looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.26501 with break above could target R2 at 1.26932 or figure level area. While towards the downside, we are looking at daily low of 1.25130 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.26246 may suggest continuation after recent positive movement.
For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 0.25% over the past few days.
Key levels to watch out:
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CPI for all items rises 0.1% in May; shelter and used cars and trucks up. Bureau of Labor Statistics
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