GBPUSD on Wednesday dropped -0.5% to 1.26982. Things to look out.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.5%	-64 Pips
Week to-date	-0.3%	-37.8 Pips
May	1.63%	204.1 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.1% compared to previous figure 1.2% in February

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What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.5% to 1.26982. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 1.26721 with break below could see further selling pressure towards S2 at 1.26459. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.27718 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.26958 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: