• Mon. Nov 11th, 2024

GBPUSD on Friday rose 0.05% to 1.26430. Week ending 2024-06-28 rose 0.03%. What happened.

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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 0.05% 6.5 Pips
Week 2024-06-28 0.03% 4 Pips
June -0.69% -87.4 Pips

Upcoming key events for the new week (London Time)

  Tue 02:30 PM Federal Reserve Chair Jerome Powell speech
  Wed 01:30 PM Initial Unemployment Insurance Claims
  Wed 07:00 PM FOMC Meeting Minutes
  Thu 01:00 AM 2024 United Kingdom general election
  Thu 06:00 AM Independence Day
  Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in June rose to 68.2 points compared to previous figure 65.6 points in May Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in May dropped to 2.6% compared to previous figure 2.7% in April Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures Price Index (1-mth) in May dropped to 0.1% compared to previous figure 0.3, revised from 0.2% in April Source: Bureau of Economic Analysis
🇬🇧 U.K. GDP (12-mth) in Q1 rose to 0.3% compared to previous figure 0.2% in Q4 Source: Office for National Statistics
🇺🇸 U.S. Gross Domestic Product Price Index in Q1 unchanged at 3.1% compared to previous report in Q4. Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 rose to 3.7% compared to previous figure 3.6% in Q4 Source: Bureau of Economic Analysis
🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in May dropped to -0.6% compared to previous figure 0.2, revised from 0.3% in April Source: Census Bureau
🇺🇸 U.S. Personal Consumption Expenditures Prices (3-mth) in Q1 rose to 3.4% compared to previous figure 3.3% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 22 June, U.S. Initial Unemployment Insurance Claims dropped to 233K compared to previous figure 238K Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders excluding Defense in May dropped to -0.2% compared to previous figure 0% in April Source: Census Bureau
🇺🇸 U.S. Housing Price Index (1-mth) in April rose to 0.2% compared to previous figure 0.1% in March Source: FHFA


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

GBPUSD on Friday rose 0.05% to 1.26430. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-06-28, the pair rose 0.03% or 4 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.26135.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.27025 or at least consolidates above Weekly Pivot level of 1.26530. On the downside, we are looking at week low 1.26135 or 1.26035 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27025 would suggest bullish bias after recent positive movement.

For the month of June, GBPUSD is down by -0.69% or -87.4 pips lower.

Weekly key levels to watch out:

R3 1.27815
R2 1.27420
R1 1.26925
Weekly Pivot 1.26530
S1 1.26035
S2 1.25640
S3 1.25145