GBPUSD on Wednesday dropped -0.1% to 1.24955. What we know.

GBPUSD on Wednesday dropped -0.1% to 1.24955. What we know.

GBPUSD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.1% -11.9 Pips
Week to-date -0.39% -48.9 Pips
May 0.01% 1.7 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Fri 07:00 AM GBP GDP (3-mth)
Fri 07:00 AM GBP GDP (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

No major activities.

Latest from X (Twitter)

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.1% to 1.24955. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 1.24735 with break below could see further selling pressure towards S2 at 1.24514. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.25052 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.24673 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:

R3 1.25493
R2 1.25272
R1 1.25114
Daily Pivot 1.24893
S1 1.24735
S2 1.24514
S3 1.24356

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