GBPUSD on Tuesday dropped -0.73% to 1.26348. What we know.

GBPUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday-0.73%-92.6 Pips
Week to-date-0.87%-111.2 Pips
January-0.74%-93.9 Pips

Upcoming key events (London Time)

Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)
Wed 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇬🇧 U.K. Labour Market Employment Change in November exceed forecast and rose to 73K compared to previous figure 50K in October Source: Office for National Statistics
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in November dropped to 6.6% compared to previous figure 7.2% (revised from 7.3%) Source: Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.73% to 1.26348. Price is below 9-Day EMA while Stochastic is falling.

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 1.25968 with break below could see further selling pressure towards S2 at 1.25588. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.27168 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.26188 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.87%.

Key levels to watch out:

R31.27928
R21.27548
R11.26948
Daily Pivot1.26568
S11.25968
S21.25588
S31.24988

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