GBPUSD on Wednesday dropped -0.18% to 1.26606. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.18%-22.8 Pips
Week to-date-0.06%-7.6 Pips
February-0.2%-25.6 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)

What happened lately

🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau

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What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.18% to 1.26606. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.26264 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.26840 or trades above daily pivot 1.26552. Break above could target R1 at 1.26894. While to the downside, we are looking at 1.26264 (S1) and daily low of 1.26210 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.26210 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:

R31.27524
R21.27182
R11.26894
Daily Pivot1.26552
S11.26264
S21.25922
S31.25634

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