GBPUSD on Tuesday rose 0.13% to 1.26999. Pair in consolidation. What is going on.
|Performance after Tuesday|
|Week to-date||0.05%||5.9 Pips|
Upcoming key events (London Time)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)
Wed 07:00 AM GBP Core CPI Inflation Rate (12-mth)
Wed 07:00 PM USD FOMC Meeting Minutes
What happened lately
🇺🇸 U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%) Census Bureau
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in June rose to 7.8% compared to previous figure 7.5% (revised from 7.3%) Office for National Statistics
🇬🇧 U.K. Employment Change| Jun in June below forecast and dropped to -66K compared to previous figure 102K in May
What can we expect from GBPUSD today?
GBPUSD on Tuesday rose 0.13% to 1.26999. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.26657 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27523 or trades above daily pivot 1.2709. Break above could target R1 at 1.27432. While to the downside, we are looking at 1.26657 (S1) and daily low of 1.26748 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27523 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:
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