GBPUSD on Tuesday rose 0.61% to 1.29358. What we know.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.61%	78 Pips
Week to-date	0.78%	99.8 Pips
July	1.92%	243.4 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD CPI Inflation Rate (1-mth)
Wed 01:30 PM USD CPI Inflation Rate (12-mth)
Wed 01:30 PM USD CPI Inflation Rate excluding Food and Energy sectors (1-mth)
Wed 01:30 PM USD CPI Inflation Rate excluding Food and Energy sectors (12-mth)
Thu 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)

What happened lately

🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in May rose to 6.9% compared to previous figure 6.7% (revised from 6.5%) Office for National Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in June below forecast and rose to 4.2% compared to previous figure 3.7% in May

What can we expect from GBPUSD today?

GBPUSD on Tuesday rose 0.61% to 1.29358. Price is above 9-Day EMA while Stochastic is rising in overbought 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 1.29634 with break above could target R2 at 1.29909 or figure level area. While towards the downside, we are looking at daily low of 1.28575 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.29380 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 0.78% over the past few days.

Key levels to watch out:

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