GBPUSD on Wednesday rose 0.78% to 1.26880. What we know.

GBPUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.78%	98.2 Pips
Week to-date	1.33%	167 Pips
May	1.56%	195 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Retail Trade Control Group in April dropped to -0.3% compared to previous figure 1, revised from 1.1% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in March unchanged at 5.7% compared to previous report in February. Source: Office for National Statistics
🇬🇧 U.K. Labour Market Employment Change in March dropped to -177K compared to previous figure -156K in February Source: Office for National Statistics

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What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.78% to 1.26880. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.27251 with break above could target R2 at 1.27622 or figure level area. While towards the downside, we are looking at daily low of 1.25831 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.26912 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 1.33% over the past few days.

Key levels to watch out: