GBPUSD on Tuesday dropped -0.24% to 1.27639. What we know.
|Performance after Tuesday|
|Week to-date||-0.52%||-66.5 Pips|
Upcoming key events (London Time)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)
Wed 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
What happened lately
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
What can we expect from GBPUSD today?
GBPUSD on Tuesday dropped -0.24% to 1.27639. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for GBPUSD looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 1.2716 with break below could see further selling pressure towards S2 at 1.2668. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.28063 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.27132 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:
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