GBPUSD on Wednesday dropped -0.53% to 1.2047. Pair in consolidation. What happened.

GBPUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.53%	-64.7 Pips
Week to-date	0.06%	7.5 Pips
February	-2.22%	-272.9 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source
📆 ☢️ 🇬🇧 GBP S&P Global/CIPS Services PMI in February preliminary estimate exceed forecast and rose to 53.3 points compared to previous figure 48.7 points in January. Source

What can we expect from GBPUSD today?

GBPUSD on Wednesday dropped -0.53% to 1.2047. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for GBPUSD looks mixed as the pair is likely to consolidate above 1.20089 (S1).

Looking ahead today, we are looking at 1.2148 or 1.21103 (R1) as important resistance level while to the downside, the daily low of 1.2034 and 1.20089 (S1) as key support levels. GBPUSD need to break on either side to indicate a short-term bias. A close below 1.2034 would indicate selling pressure.

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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Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve

Last updated: 11:34 pm UTC, 22-Feb 2023

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