GBPUSD on Wednesday rose 0.08% to 1.27195. Pair in consolidation. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.08%	9.7 Pips
Week to-date	0.15%	19.5 Pips
May	1.81%	226.1 Pips

Upcoming key events (London Time)

Fri 07:00 AM GBP Retail Sales Volumes (1-mth)

What happened lately

🇬🇧 U.K. Retail Price Index (12-mth) in April dropped to 3.3% compared to previous figure 4.3% in March Source: Office for National Statistics
🇬🇧 U.K. CPI Inflation Rate (CPIH) (1-mth) in April dropped to 0.3% compared to previous figure 0.6% in March Source: Office for National Statistics
🇬🇧 U.K. Producer Price Index – Output (12-mth) n.seasonal adjustment in April rose to 1.1% compared to previous figure 0.7, revised from 0.6% in March

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What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.08% to 1.27195. 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 1.26924 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.27614 or trades above daily pivot 1.27269. Break above could target R1 at 1.2754. While to the downside, we are looking at 1.26924 (S1) and daily low of 1.26998 as support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27614 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 0.15% over the past few days.

Key levels to watch out: