• Sat. Jun 15th, 2024

GBPUSD on Friday rose 0.07% to 1.27410. Week ending 2024-05-31 rose 0.04%. 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

Period Pct Chg Momentum
Friday 0.07% 8.4 Pips
Week 2024-05-31 0.04% 5 Pips
May 1.98% 247.2 Pips

Upcoming key events for the new week (London Time)

  Thu 01:30 PM Initial Unemployment Insurance Claims
  Fri 01:30 PM Nonfarm Payroll Employment
  Fri 01:30 PM Average Hourly Earnings (12-mth)

What happened over the week

🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in April unchanged at 0.3% compared to previous report in March.
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in April unchanged at 2.7% compared to previous report in March.
🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.3% compared to previous figure 1.6% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 May, U.S. Initial Unemployment Insurance Claims rose to 219K compared to previous figure 216K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.1% compared to previous figure 1.2% in February

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

GBPUSD on Friday rose 0.07% to 1.27410. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-05-31, the pair rose 0.04% or 5 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.26805.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.28007 or at least consolidates above Weekly Pivot level of 1.27407. On the downside, we are looking at week low 1.26805 or 1.26808 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.28007 would suggest bullish bias after recent positive movement.

For the month of May, GBPUSD is up by 1.98% or 247.2 pips higher.

Weekly key levels to watch out:

R3 1.29212
R2 1.28609
R1 1.28010
Weekly Pivot 1.27407
S1 1.26808
S2 1.26205
S3 1.25606
On Key

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