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 | -0.28% | -35.8 Pips |  |
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| Week 2024-07-19 | -0.44% | -56.8 Pips |  |
||
| July | 2.07% | 261.4 Pips |  |
||
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP annual rate
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 excluding Fuel (1-mth) in June dropped to -1.5% compared to 2.9% in May. Source: Office for National Statistics
🇬🇧 U.K. GfK Consumer Confidence in July improved to -13 points from -14 points in June. Source: GfK
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇬🇧 The U.K. Labour Force Survey Employment Change in May rose to 19K compared to the previous figure of -140K in April. Source: Office for National Statistics
🇬🇧 The U.K. ILO Unemployment Rate (3-mth) remained unchanged at 4.4% in May compared to April’s report. Source: Office for National Statistics
🇬🇧 U.K. Claimant Count Change in June dropped to 32.3K compared to previous figure 51.9K (revised from 50.4K) Source: Office for National Statistics
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇬🇧 The U.K. annualized CPI Inflation Rate for June remained unchanged at 2% compared to May’s report. Source: Office for National Statistics
🇬🇧 The U.K. CPI Inflation Rate for June dropped to 0.1% from 0.3% in May. Source: Office for National Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.28% to 1.29100. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-07-19, the pair dropped -0.44% or -56.8 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 is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.30446 or at least consolidates above Weekly Pivot level of 1.29517. On the downside, we are looking at week low 1.29006 or 1.28589 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.29006 would indicate selling pressure.
For the month of July, GBPUSD is up by 2.07% or 261.4 pips higher.
Weekly key levels to watch out:
| R3 | 1.31469 |
| R2 | 1.30957 |
| R1 | 1.30029 |
| Weekly Pivot | 1.29517 |
| S1 | 1.28589 |
| S2 | 1.28077 |
| S3 | 1.27149 |
