GBPUSD on Wednesday dropped -0.56% to 1.27153. What we know.

GBPUSD Analysis

Performance after Wednesday
Wednesday-0.56%-71.7 Pips
Week to-date-1%-128.9 Pips
August-0.93%-119.6 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England Monetary Policy Report
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Thu 03:00 PM USD ISM Services PMI
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)

GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.56% to 1.27153. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 1.26638 with break below could see further selling pressure towards S2 at 1.26124. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.27991 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.26800 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -1%.

Key levels to watch out:

Daily Pivot1.27315

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