GBPUSD on Wednesday dropped -0.15% to 1.22809. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.15%	-18.7 Pips
Week to-date	-0.77%	-95.1 Pips
November	1.12%	135.5 Pips

Upcoming key events (London Time)

Thu 07:00 PM USD Federal Reserve Chair Jerome Powell speech
Fri 07:00 AM GBP GDP (3-mth)
Fri 07:00 AM GBP GDP (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in October exceed forecast and dropped to 2.6% compared to previous figure 2.8% in September

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.15% to 1.22809. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.22477 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.23014 or trades above daily pivot 1.22745. Break above could target R1 at 1.23078. While to the downside, we are looking at 1.22477 (S1) and daily low of 1.22413 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.22413 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:

You might be interested in:

Powell, Opening Remarks. Federal Reserve
U.S. International Trade in Goods and Services, September 2023. Bureau of Economic Analysis
U.S. International Trade in Goods and Services. Census Bureau