GBPUSD on Wednesday rose 0.17% to 1.1848. Pair in consolidation. What you need to know.

GBPUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.17%	19.8 Pips
Week to-date	-1.63%	-196 Pips
March	-0.79%	-94 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source

What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.17% to 1.1848. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.18137 (S1).

Looking ahead today, we are looking at 1.2065 or 1.18705 (R1) as important resistance level while to the downside, the daily low of 1.1802 and 1.18137 (S1) as key support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.1859 would suggest bullish bias after recent positive movement.

For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -1.63%.

Key levels to watch out: