GBPUSD on Wednesday rose 0.4% to 1.22650. Pair in consolidation. What we know.

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GBPUSD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday 0.4% 49.4 Pips
Week to-date 0.74% 90 Pips
March 2.04% 244.9 Pips

Upcoming key events (London Time)

Thu 12:00 PM GBP Bank of England MPC Minutes
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 Monetary Policy Summary
Fri 12:30 PM USD Durable Goods Orders
Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft

What happened lately

📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source
📆 🇬🇧 GBP Retail Price Index (1-mth) in February exceed forecast and rose to 1.2% compared to previous figure 0% in January. Source

GBPUSD Chart by TradingView

What can we expect from GBPUSD today?

GBPUSD on Wednesday rose 0.4% to 1.22650. Price is above 9-Day EMA while Stochastic is in overbought zone.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.22031 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.23347 or trades above daily pivot 1.22689. While to the downside, the daily low of 1.22070 and 1.22031 (S1) as immediate support levels. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.23347 would suggest bullish bias 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 0.74% over the past few days.

Key levels to watch out:

R3 1.24585
R2 1.23966
R1 1.23308
Daily Pivot 1.22689
S1 1.22031
S2 1.21412
S3 1.20754

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