GBPUSD on Wednesday dropped -0.88% to 1.20510. Buyers beware. How it happened.

GBPUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.88%	-107 Pips
Week to-date	0.19%	23 Pips
March	0.15%	17.5 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source
📆 ☢️ 🇬🇧 GBP ILO Unemployment Rate (3-mth) in January unchanged at 3.7% compared to previous report in December. . Source

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.88% to 1.20510. Price is above 9-Day EMA while Stochastic is falling in neutral zone.

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 1.19802 (S1) with break below could see further selling pressure towards 1.19093 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.21825 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.20105 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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