GBPUSD on Tuesday rose 0.13% to 1.26999. Pair in consolidation. What is going on.

GBPUSD Analysis

Performance after Tuesday
Tuesday0.13%16.8 Pips
Week to-date0.05%5.9 Pips
August-1.05%-135.3 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

GBPUSD 4-hour Chart by TradingView

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:

Daily Pivot1.2709

You might be interested in:

Advanced Monthly Sales for Retail and Food Services. Census Bureau
UK productivity flash estimate: April to June 2023. National Statistics
UK labour market: August 2023. National Statistics
UK trade in goods by business characteristics: 2016 to 2021. National Statistics
UK services trade by business characteristics, 2016 to 2021. National Statistics

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