GBPUSD on Friday dropped -0.1% to 1.26450. Week ending 2024-06-21 moved lower by -0.3%. What you need to know.

Dear ,

As requested, let’s look at GBPUSD and the recent events that happened in the previous trading session.

GBPUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.1%	-13.1 Pips
Week 2024-06-21	-0.3%	-38.1 Pips
June	-0.67%	-85.4 Pips

Upcoming key events for the new week (London Time)

  Wed 09:30 PM Bank Stress Test Results
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM GDP Annualized
  Fri 07:00 AM GDP (3-mth)
  Fri 07:00 AM GDP (12-mth)
  Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
  Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇬🇧 U.K. Retail Sales Volumes (1-mth) in May rose to 2.9% compared to previous figure -1.8, revised from -2.3% in April Source: Office for National Statistics
🇬🇧 U.K. Retail Sales Volumes (12-mth) in May rose to 1.3% compared to previous figure -2.3, revised from -2.7% in April Source: Office for National Statistics
🇬🇧 U.K. GfK Consumer Confidence in June improved to -14 points compared to previous figure -17 points in May Source: GfK
🇺🇸 In the week ending 15 June, U.S. Initial Unemployment Insurance Claims dropped to 238K compared to previous figure 243K (revised from 242K) Source: Department of Labor
🇬🇧 U.K. Bank of England Interest Rate Decision (Bank Rate) unchanged at 5.25% compared to previous rate 5.25% Source: Bank of England
🇬🇧 U.K. Retail Price Index (1-mth) in May dropped to 0.4% compared to previous figure 0.5% in April Source: Office for National Statistics
🇬🇧 U.K. Core CPI Inflation Rate (12-mth) in May dropped to 3.5% compared to previous figure 3.9% in April Source: Office for National Statistics
🇺🇸 U.S. Industrial Production (1-mth) in May rose to 0.9% compared to previous figure 0% in April
🇺🇸 U.S. Monthly Retail Trade (1-mth) in May rose to 0.1% compared to previous figure -0.2, revised from 0% in April Source: Census Bureau

What can we expect from GBPUSD for the new week and what happened on Friday?

GBPUSD on Friday dropped -0.1% to 1.26450. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-06-21, the pair dropped -0.3% or -38.1 pips lower.

Looking ahead on Monday, GBPUSD looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 1.25979 (WS1) with break below could see further selling pressure towards 1.25507 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.27400 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.26218 would indicate selling pressure.

For the month of June, GBPUSD is down by -0.67% or -85.4 pips lower.

Weekly key levels to watch out: