• Sat. Jun 15th, 2024

GBPUSD on Friday dropped -0.55% to 1.27198. Week ending 2024-06-07 moved lower by -0.17%. What happened.

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Dear ,

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

GBPUSD Analysis

Performance
Period Pct Chg Momentum
Friday -0.55% -70.8 Pips
Week 2024-06-07 -0.17% -21.2 Pips
June -0.17% -21.2 Pips

Upcoming key events for the new week (London Time)

  Tue 07:00 AM Labour Force Survey Employment Change
  Wed 01:30 PM CPI Inflation Rate (12-mth)
  Wed 01:30 PM CPI Inflation Rate (1-mth)
  Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
  Wed 07:00 PM Interest Rate Projections
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM PPI excluding Food and Energy sectors (12-mth)
  Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

🇺🇸 U.S. Nonfarm Payroll Employment in May rose to 272K compared to previous figure 165, revised from 175K in April Source: Bureau of Labor Statistics
🇺🇸 U.S. Unemployment Rate in May rose to 4% compared to previous figure 3.9% in April Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q1 dropped to 0.2% compared to previous figure 0.3% in Q4 Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in April unchanged at 0.7% compared to previous report in March. Source: Census Bureau
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in April dropped to 8.059M compared to previous figure 8.355, revised from 8.488M in March Source: Bureau of Labor Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in May rose to 0.4% compared to previous figure -4.4% in April


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

GBPUSD on Friday dropped -0.55% to 1.27198. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-06-07, the pair dropped -0.17% or -21.2 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 1.28177 or at least consolidates above Weekly Pivot level of 1.27438. On the downside, we are looking at week low 1.26940 or 1.26700 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.26940 would indicate selling pressure.

For the month of June, GBPUSD is down by -0.17% or -21.2 pips lower.

Weekly key levels to watch out:

R3 1.29174
R2 1.28675
R1 1.27937
Weekly Pivot 1.27438
S1 1.26700
S2 1.26201
S3 1.25463
On Key

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