GBPUSD on Tuesday dropped -0.57% to 1.24134. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.57%	-70.6 Pips
Week to-date	-0.19%	-23.9 Pips
April	0.65%	80.4 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD Durable Goods Orders
Wed 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Thu 01:30 PM USD GDP Annualized

What happened lately

🇺🇸 New Residential Sales (1-mth) in March exceed forecast and rose to 0.683M compared to previous figure 0.623, revised from 0.64M in February Census Bureau
🇺🇸 Housing Price Index (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.1, revised from 0.2% in January
🇺🇸 Chicago Fed National Activity Index in March unchanged at -0.19 points compared to previous report in February.

What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.57% to 1.24134. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.23639 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.25070 or trades above daily pivot 1.24355. Break above could target R1 at 1.24849. While to the downside, we are looking at 1.23639 (S1) and daily low of 1.23860 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.23860 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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