GBPUSD on Tuesday dropped -0.47% to 1.22179. Pair in consolidation. What you need to know.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.47%	-57.6 Pips
Week to-date	0.35%	42.9 Pips
March	1.65%	198.6 Pips

Upcoming key events (London Time)

Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:30 PM USD FOMC Press Conference
Thu 12:00 PM GBP Bank of England MPC Minutes
Thu 12:00 PM GBP Bank of England Asset Purchase Facility
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Thu 12:00 PM GBP Bank of England Monetary Policy Summary

What happened lately

No major activities.

What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.47% to 1.22179. Price is above 9-Day EMA while Stochastic is in overbought zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.21691 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.22826 or trades above daily pivot 1.22258. While to the downside, the daily low of 1.21770 and 1.21691 (S1) as immediate support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.21770 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 0.35% over the past few days.

Key levels to watch out:

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