GBPUSD on Wednesday rose 0.57% to 1.27922. What we know.

GBPUSD Analysis

Performance after Wednesday
Wednesday0.57%72.1 Pips
Week to-date0.42%53.2 Pips
March1.33%168.3 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.6% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
🇬🇧 U.K. CPI Inflation Rate (CPIH) (1-mth) in February rose to 0.6% compared to previous figure -0.6% in January Source: Office for National Statistics
🇬🇧 U.K. Retail Price Index (1-mth) in February rose to 0.8% compared to previous figure -0.3% in January Source: Office for National Statistics
🇬🇧 U.K. Producer Price Index – Output (1-mth) n.seasonal adjustment in February rose to 0.3% compared to previous figure -0.2% in January
🇺🇸 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 Wednesday rose 0.57% to 1.27922. Price is above 9-Day EMA while Stochastic is rising.

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 1.28288 with break above could target R2 at 1.28655 or figure level area. While towards the downside, we are looking at daily low of 1.26839 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.27930 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:

Daily Pivot1.27564

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