GBPUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.45% | -54.7 Pips |  |
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| Week to-date | -0.69% | -84.1 Pips | |
||
| September | -4.08% | -516.7 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP Annualized Thu 09:00 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
🇺🇸 U.S. New-Home Sales Change (1-mth) in August below forecast and dropped to -8.7% compared to previous figure 4.4% in July 🇺🇸 U.S. Housing Price Index (1-mth) in July exceed forecast and rose to 0.8% compared to previous figure 0.4, revised from 0.3% in June
What can we expect from GBPUSD today?
GBPUSD on Tuesday dropped -0.45% to 1.21549. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for GBPUSD looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 1.21324 with break below could see further selling pressure towards S2 at 1.21099. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.22150 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.21512 would indicate selling pressure.
For the week to-date, take note that GBPUSD is bearish as the pair posted lower by -0.69%.
Key levels to watch out:
| R3 | 1.226 |
| R2 | 1.22375 |
| R1 | 1.21962 |
| Daily Pivot | 1.21737 |
| S1 | 1.21324 |
| S2 | 1.21099 |
| S3 | 1.20686 |
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