GBPUSD on Tuesday dropped -0.11% to 1.24301. What is going on.

GBPUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.11%	-13.3 Pips
Week to-date	-0.16%	-19.9 Pips
April	-1.54%	-193.8 Pips

Upcoming key events (London Time)

Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM GBP CPI Inflation Rate (CPIH) (12-mth)
Wed 05:00 PM GBP Bank of England Governor Andrew Bailey speech

What happened lately

🇬🇧 U.K. Labour Market Employment Change in February dropped to -156K compared to previous figure -89K (revised from -21K) Source: Office for National Statistics
🇬🇧 U.K. ILO Unemployment Rate (3-mth) in February rose to 4.2% compared to previous figure 4% (revised from 3.9%) Source: Office for National Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in April improved to -14.3 points compared to previous figure -20.9 points in March
🇺🇸 U.S. Monthly Retail Trade (1-mth) in March dropped to 0.7% compared to previous figure 0.9, revised from 0.6% in February Source: Census Bureau

Latest from X (Twitter)

Tweets by Office for National Statistics

What can we expect from GBPUSD today?

GBPUSD on Tuesday dropped -0.11% to 1.24301. 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 1.23996 with break below could see further selling pressure towards S2 at 1.23692. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.24719 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.24053 would indicate selling pressure.

For the week to-date, take note that GBPUSD is mixed as compared to the prior week.

Key levels to watch out:

#GBPUSD Trending on Twitter

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