GBPUSD on Wednesday dropped -0.19% to 1.23115. Pair in consolidation. What we know.

GBPUSD on Wednesday dropped -0.19% to 1.23115. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.19% -23.5 Pips
Week to-date 0.67% 81.5 Pips
March 2.43% 292.4 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized | Q4
Fri 07:00 AM GBP GDP (3-mth) | Q4

What happened lately

📆 🇺🇸 USD Pending Home Sales (1-mth) | Feb in February exceed forecast and dropped to 0.8% compared to previous figure 8.1% in January. Source

GBPUSD 4-hour Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.19% to 1.23115. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.22878 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.23615 or trades above daily pivot 1.23247. While to the downside, the daily low of 1.23010 and 1.22878 (S1) as immediate support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.23010 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.24088
R2 1.23852
R1 1.23483
Daily Pivot 1.23247
S1 1.22878
S2 1.22642
S3 1.22273

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