GBPUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.11% | -13.6 Pips |  |
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| Week to-date | -0.19% | -24.2 Pips | |
||
| May | -1.13% | -141.4 Pips | |
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Upcoming key events (London Time)
Wed 07:00 AM GBP CPI Inflation Rate (12-mth) Wed 10:30 AM GBP Bank of England’s Governor Andrew Bailey speech 
Wed 07:00 PM USD FOMC Meeting Minutes Thu 01:30 PM USD GDP Annualized
What happened lately
🇺🇸 New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Census Bureau
What can we expect from GBPUSD today?
GBPUSD on Tuesday dropped -0.11% to 1.24198. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.2379 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.24465 or trades above daily pivot 1.24128. Break above could target R1 at 1.24535. While to the downside, we are looking at 1.2379 (S1) and daily low of 1.23720 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.23720 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:
| R3 | 1.2528 |
| R2 | 1.24873 |
| R1 | 1.24535 |
| Daily Pivot | 1.24128 |
| S1 | 1.2379 |
| S2 | 1.23383 |
| S3 | 1.23045 |
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Gross Domestic Product for the U.S. Virgin Islands, 2021. Bureau of Economic Analysis
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