GBPUSD on Tuesday dropped -0.07% to 1.27199. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Tuesday
Tuesday-0.07%-8.4 Pips
Week to-date-0.15%-19.1 Pips
March0.76%96.2 Pips

Upcoming key events (London Time)

Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:00 PM USD FOMC Economic Projections
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

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What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.07% to 1.27199. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.26805 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27329 or trades above daily pivot 1.27067. Break above could target R1 at 1.27461. While to the downside, we are looking at 1.26805 (S1) and daily low of 1.26673 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.26673 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.15%.

Key levels to watch out:

Daily Pivot1.27067

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