• Sat. Jun 15th, 2024

GBPUSD on Friday rose 0.27% to 1.27000. Week ending 2024-05-17 rose 1.43%. What’s going on.

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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 0.27% 34.2 Pips
Week 2024-05-17 1.43% 179 Pips
May 1.65% 206.2 Pips

Upcoming key events for the new week (London Time)

  Tue 06:00 PM Bank of England Governor Andrew Bailey speech
  Wed 07:00 AM CPI Inflation Rate (CPIH) (1-mth)
  Wed 07:00 AM CPI Inflation Rate (CPIH) (12-mth)
  Wed 02:15 PM Bank of England Monetary Policy Report Hearings
  Wed 07:00 PM FOMC Meeting Minutes
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Fri 07:00 AM Retail Sales Volumes (1-mth)

What happened over the week

🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
🇬🇧 U.K. Average Earnings Including Bonus (3Mo/Yr) in March unchanged at 5.7% compared to previous report in February. Source: Office for National Statistics
🇬🇧 U.K. Labour Market Employment Change in March dropped to -177K compared to previous figure -156K in February Source: Office for National Statistics


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

GBPUSD on Friday rose 0.27% to 1.27000. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-05-17, the pair rose 1.43% or 179 pips higher.

Looking ahead on Monday, GBPUSD looks bullish as the pair ended higher after Friday trading session.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.27716 (WR1) with break above could target 1.28431 (WR2). On the downside, we are looking at week low of 1.25089 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.27118 would suggest bullish bias after recent positive movement.

For the month of May, GBPUSD is up by 1.65% or 206.2 pips higher.

Weekly key levels to watch out:

R3 1.29745
R2 1.28431
R1 1.27716
Weekly Pivot 1.26402
S1 1.25687
S2 1.24373
S3 1.23658
On Key

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