GBPUSD on Tuesday dropped -0.14% to 1.21496. End October down by -0.39% or -47.2 pips lower. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Tuesday
Tuesday-0.14%-16.7 Pips
Week to-date0.23%27.6 Pips
October-0.39%-47.2 Pips

Upcoming key events (London Time)

Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Thu 12:00 PM GBP Bank of England Monetary Policy Report
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)

What happened lately

🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2


What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.14% to 1.21496. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.21123 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.22004 or trades above daily pivot 1.21564. Break above could target R1 at 1.21936. While to the downside, we are looking at 1.21123 (S1) and daily low of 1.21191 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.21191 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

GBPUSD ended month of October trading session down by -0.39% or -47.2 pips lower.

Key levels to watch out:

Daily Pivot1.21564

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