GBPUSD on Tuesday dropped -0.1% to 1.26961. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday-0.1%-12.5 Pips
Week to-date-0.05%-6.4 Pips
January-0.27%-33.8 Pips

Upcoming key events (London Time)

Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.

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What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.1% to 1.26961. 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 1.26503 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27211 or trades above daily pivot 1.26857. Break above could target R1 at 1.27315. While to the downside, we are looking at 1.26503 (S1) and daily low of 1.26399 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.26399 would indicate selling pressure.

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

Key levels to watch out:

R31.28127
R21.27669
R11.27315
Daily Pivot1.26857
S11.26503
S21.26045
S31.25691

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