GBPUSD on Monday rose 1.05% to 1.2066. Buying interest. What happened.

GBPUSD by TradingView

Performance after Monday
Period	Pct	Chg	Momentum
Monday	1.05%	125.4 Pips
Week to-date	0.90%	108.2 Pips
February	-2.06%	-253.5 Pips

Upcoming key events (London Time)

Wed 10:00 AM GBP BoE’s Governor Bailey speech
Wed 03:00 PM USD ISM Manufacturing PMI

What happened lately

📆 🇺🇸 USD Pending Home Sales (MoM) in January exceed forecast and rose to 8.1% compared to previous figure 1.1, revised from 2.5% in December. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in January exceed forecast and dropped to -4.5% compared to previous figure 5.1, revised from 5.6% in December. Source

What can we expect from GBPUSD today?

GBPUSD on Monday rose 1.05% to 1.2066. Price is above 9-Day EMA while Stochastic is falling.

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

Looking ahead for the day, immediate upside resistance level is at 1.21154 (R1) while on the downside, we are looking at daily low of 1.1921 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 1.2067 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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Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 11:34 pm UTC, 27-Feb 2023

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