GBPUSD on Wednesday rose 0.08% to 1.26274. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.08%	10.7 Pips
Week to-date	-0.02%	-2.5 Pips
May	0.53%	66.2 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England MPC Minutes
Thu 12:00 PM GBP Bank of England Monetary Policy Report
Thu 12:00 PM GBP Bank of England Asset Purchase Facility
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Thu 12:00 PM GBP Bank of England MPC Vote Rate Cut
Thu 12:00 PM GBP Bank of England MPC Vote Rate Hike
Thu 12:00 PM GBP Bank of England MPC Vote Rate Unchanged
Thu 12:00 PM GBP Monetary Policy Summary
Thu 12:30 PM GBP Bank of England’s Governor Andrew Bailey speech
Fri 07:00 AM GBP GDP (3-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics
🇬🇧 BRC Like-For-Like Retail Sales (12-mth) in April exceed forecast and rose to 5.2% compared to previous figure 4.9% in March

What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.08% to 1.26274. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.25923 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.26798 or trades above daily pivot 1.26361. Break above could target R1 at 1.26711. While to the downside, we are looking at 1.25923 (S1) and daily low of 1.26010 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.26798 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:

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In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Monthly Wholesale Trade: Sales and Inventories. Census Bureau

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