GBPUSD on Wednesday rose 0.32% to 1.26771. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.32%40.6 Pips
Week to-date-0.55%-70.2 Pips
January-0.41%-52.4 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November
🇬🇧 U.K. CPI Inflation Rate (CPIH) (12-mth) in December exceed forecast and rose to 4% compared to previous figure 3.9% in November Source: Office for National Statistics
🇬🇧 U.K. Retail Price Index (1-mth) in December exceed forecast and rose to 0.5% compared to previous figure -0.1% in November Source: Office for National Statistics
🇬🇧 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 Wednesday rose 0.32% to 1.26771. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.26167 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.26962 or trades above daily pivot 1.26565. Break above could target R1 at 1.27168. While to the downside, we are looking at 1.26167 (S1) and daily low of 1.25961 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.26962 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:

R31.28169
R21.27566
R11.27168
Daily Pivot1.26565
S11.26167
S21.25564
S31.25166

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