GBPUSD on Tuesday dropped -0.25% to 1.27722. Pair in consolidation. How it happened.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.25%	-32.6 Pips
Week to-date	0.24%	31.2 Pips
June	0.25%	32 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in April unchanged at 0.7% compared to previous report in March. Source: Census Bureau
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in April dropped to 8.059M compared to previous figure 8.355, revised from 8.488M in March Source: Bureau of Labor Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in May rose to 0.4% compared to previous figure -4.4% in April

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What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.25% to 1.27722. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.27374 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.28171 or trades above daily pivot 1.27773. Break above could target R1 at 1.2812. While to the downside, we are looking at 1.27374 (S1) and daily low of 1.27425 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.27425 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: