GBPUSD on Wednesday dropped -0.1% to 1.26857. End January down by -0.35% or -44.4 pips lower. Pair in consolidation. What happened.

GBPUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.1%-12.6 Pips
Week to-date-0.13%-16.9 Pips
January-0.35%-44.4 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Employment Cost Index in Q4 below forecast and dropped to 0.9% compared to previous figure 1.1% in Q3
🇺🇸 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 Wednesday dropped -0.1% to 1.26857. 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 1.26452 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27507 or trades above daily pivot 1.2698. Break above could target R1 at 1.27384. While to the downside, we are looking at 1.26452 (S1) and daily low of 1.26575 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.26575 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 January trading session down by -0.35% or -44.4 pips lower.

Key levels to watch out:

R31.28316
R21.27912
R11.27384
Daily Pivot1.2698
S11.26452
S21.26048
S31.2552

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