GBPUSD on Tuesday rose 0.32% to 1.2177. Looking bullish. What you need to know before the next trade.

GBPUSD by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.32%	38.9 Pips
Week to-date	0.99%	119.4 Pips
February	-1.16%	-143 Pips

Upcoming key events (London Time)

Wed 07:00 AM GBP Consumer Price Index (YoY)
Wed 01:30 PM USD Retail Sales (MoM)
Wed 01:30 PM USD Retail Sales Control Group

What happened lately

📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (MoM) in January unchanged at 0.4% compared to previous report in December. The actual figure is also in line with the forecast. Source
📆 🇬🇧 GBP Average Earnings Excluding Bonus (3Mo/Yr) in December exceed forecast and rose to 6.7% compared to previous figure 6.5, revised from 6.4% in November. Source

What can we expect from GBPUSD today?

GBPUSD on Tuesday rose 0.32% to 1.2177. Price is above 9-Day EMA while Stochastic is rising.

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

Looking ahead for the day, immediate upside resistance level is at 1.22591 (R1) while on the downside, we are looking at daily low of 1.2116 as an important support. Break below this level could weaken the current bullish momentum. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.2270 would suggest bullish bias after recent positive movement.

For the week to-date, take note that GBPUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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UK labour market: February 2023 Source: National Statistics
UK productivity flash estimate: October to December 2022 Source: National Statistics

Last updated: 11:34 pm UTC, 14-Feb 2023

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