GBPUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.43% | 53.4 Pips |  |
||
| Week to-date | 0.53% | 65.1 Pips |  |
||
| May | -1.21% | -152.2 Pips |  |
||
Upcoming key events (London Time)
No major events for the day.
What happened lately
USD Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%).
What can we expect from GBPUSD today?
GBPUSD on Tuesday rose 0.43% to 1.24087. Price is above 9-Day EMA while Stochastic is rising in oversold zone.
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 1.24613 with break above could target R2 at 1.2514 or figure level area. While towards the downside, we are looking at daily low of 1.23260 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.24463 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 | 1.25816 |
| R2 | 1.2514 |
| R1 | 1.24613 |
| Daily Pivot | 1.23937 |
| S1 | 1.2341 |
| S2 | 1.22734 |
| S3 | 1.22207 |
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