GBPUSD on Wednesday dropped -0.1% to 1.26162. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.1%	-12.7 Pips
Week to-date	0.12%	15.2 Pips
March	-0.05%	-6.6 Pips

Upcoming key events (London Time)

Thu 07:00 AM GBP GDP (3-mth)
Thu 07:00 AM GBP GDP (12-mth)
Thu 12:30 PM USD GDP Annualized
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇺🇸 U.S. Housing Price Index (1-mth) in January dropped to -0.1% compared to previous figure 0.1% in December
🇺🇸 U.S. Durable Goods Orders in February rose to -6.1% compared to previous figure -6.9% (revised from -6.1%) Source: Census Bureau

Latest from X (Twitter)

Tweets by Office for National Statistics

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.1% to 1.26162. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

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 1.26004 with break below could see further selling pressure towards S2 at 1.25847. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.26411 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.26050 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: