GBPUSD on Wednesday rose 0.02% to 1.27987. What we know.

GBPUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.02%2.6 Pips
Week to-date-0.44%-56.4 Pips
March1.37%173.3 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. Industrial Production (1-mth) in January dropped to -0.2% compared to previous figure 0.6% in December
🇬🇧 U.K. GDP (1-mth) in January rose to 0.2% compared to previous figure -0.1% in December Source: Office for National Statistics
🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service
🇬🇧 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 Wednesday rose 0.02% to 1.27987. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.28153 with break above could target R2 at 1.28318 or figure level area. While towards the downside, we are looking at daily low of 1.27740 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.28112 may suggest continuation after recent positive movement.

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

Key levels to watch out:

R31.28525
R21.28318
R11.28153
Daily Pivot1.27946
S11.27781
S21.27574
S31.27409

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