GBPUSD on Tuesday dropped -0.19% to 1.21580. Pair in consolidation. What we know.

GBPUSD on Tuesday dropped -0.19% to 1.21580. Pair in consolidation. What we know.

Open High Low Close
1.21840 1.22050 1.21350 1.21580

Performance after Tuesday
Period Pct Chg Momentum
Tuesday -0.19% -23 Pips
Week to-date 1.18% 142 Pips
March 1.19% 143.5 Pips

Upcoming key events (London Time)

Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group

What happened lately

📆 ☢️ 🇺🇸 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 Tuesday dropped -0.19% to 1.21580. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.2127 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.22050 or trades above daily pivot 1.2166. While to the downside, the daily low of 1.21350 and 1.2127 (S1) as immediate support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.21350 would indicate selling pressure.

For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 1.18% over the past few days.

Key levels to watch out:

R3 1.2267
R2 1.2236
R1 1.2197
Daily Pivot 1.2166
S1 1.2127
S2 1.2096
S3 1.2057

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