GBPUSD on Wednesday rose 0.21% to 1.27314. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.21%26.7 Pips
Week to-date0.62%78.4 Pips
March0.86%108.3 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau

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What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.21% to 1.27314. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.26935 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27617 or trades above daily pivot 1.27276. Break above could target R1 at 1.27655. While to the downside, we are looking at 1.26935 (S1) and daily low of 1.26897 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27617 may suggest continuation after recent positive movement.

For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 0.62% over the past few days.

Key levels to watch out:

R31.28375
R21.27996
R11.27655
Daily Pivot1.27276
S11.26935
S21.26556
S31.26215

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