GBPUSD on Tuesday dropped -0.14% to 1.27949. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Tuesday
Tuesday-0.14%-17.8 Pips
Week to-date-0.47%-60.1 Pips
March1.36%171.6 Pips

Upcoming key events (London Time)

Thu 12:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Thu 12:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇬🇧 U.K. Labour Market Employment Change in January dropped to -21K compared to previous figure 72K in December Source: Office for National Statistics
🇬🇧 U.K. Claimant Count Change in February rose to 16.8K compared to previous figure 14.1K in January Source: Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.14% to 1.27949. 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 1.27526 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.28233 or trades above daily pivot 1.2788. Break above could target R1 at 1.28302. While to the downside, we are looking at 1.27526 (S1) and daily low of 1.27457 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.27457 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:

Daily Pivot1.2788

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