GBPUSD on Tuesday dropped -0.14% to 1.24757. What we know.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.14%	-17.1 Pips
Week to-date	-0.68%	-85.5 Pips
May	-0.68%	-85.5 Pips

Upcoming key events (London Time)

Wed 01:15 PM USD ADP Non-Farm Employment Change
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD FOMC Monetary Policy Statement
Wed 07:30 PM USD FOMC Press Conference

What happened lately

🇺🇸 Factory Orders (1-mth) in March exceed forecast and rose to 0.9% compared to previous figure -1.1, revised from -0.7% in February Census Bureau

What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.14% to 1.24757. Price is below 9-Day EMA while Stochastic is falling.

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

Looking ahead for the day, immediate support level is at S1 1.24366 with break below could see further selling pressure towards S2 at 1.23974. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.25121 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.24352 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:

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Construction Spending. Census Bureau

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