GBPUSD on Tuesday rose 0.24% to 1.25876. Why it matters.

GBPUSD on Tuesday rose 0.24% to 1.25876. Why it matters.

GBPUSD Analysis

Performance after Tuesday
Period Pct Chg Momentum
Tuesday 0.24% 29.8 Pips
Week to-date 0.53% 66.6 Pips
May 0.75% 93.8 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD CPI Inflation Rate (12-mth)
Wed 01:30 PM USD Monthly Retail Trade (1-mth)
Wed 02:15 PM GBP Bank of England Monetary Policy Report Hearings

What happened lately

🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in March unchanged at 5.7% compared to previous report in February. Source: Office for National Statistics
🇬🇧 U.K. Labour Market Employment Change in March dropped to -177K compared to previous figure -156K in February Source: Office for National Statistics

Latest from X (Twitter)

What can we expect from GBPUSD today?

GBPUSD on Tuesday rose 0.24% to 1.25876. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.26174 with break above could target R2 at 1.26471 or figure level area. While towards the downside, we are looking at daily low of 1.25089 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.25929 may suggest continuation after recent positive movement.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

Key levels to watch out:

R3 1.27014
R2 1.26471
R1 1.26174
Daily Pivot 1.25631
S1 1.25334
S2 1.24791
S3 1.24494

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