GBPUSD on Tuesday rose 0.04% to 1.27124. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.04%	5.5 Pips
Week to-date	0.1%	12.4 Pips
May	1.75%	218.7 Pips

Upcoming key events (London Time)

Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)
Wed 02:15 PM GBP Bank of England Monetary Policy Report Hearings
Wed 07:00 PM USD FOMC Meeting Minutes

What happened lately

No major activities.

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What can we expect from GBPUSD today?

GBPUSD on Tuesday rose 0.04% to 1.27124. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.269 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27269 or trades above daily pivot 1.27084. Break above could target R1 at 1.27309. While to the downside, we are looking at 1.269 (S1) and daily low of 1.26860 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27269 may suggest continuation after recent positive movement.

For the week to-date, take note that GBPUSD is bullish as the pair continued to trade higher and is up by 0.1% over the past few days.

Key levels to watch out: