• Sun. Feb 16th, 2025

GBPUSD on Friday rose 0.42% to 1.28122. Week ending 2024-07-05 rose 1.29%. What’s going on.

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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 0.42% 53.8 Pips
Week 2024-07-05 1.29% 163.6 Pips
July 1.29% 163.6 Pips

Upcoming key events for the new week (London Time)

  Tue 03:00 PM Federal Reserve Chair Jerome Powell testifies
  Thu 01:30 PM CPI Inflation Rate (1-mth)
  Thu 01:30 PM CPI Inflation Rate (12-mth)
  Fri 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. Average Hourly Earnings (12-mth) in June dropped to 3.9% compared to previous figure 4.1% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Average Hourly Earnings (1-mth) in June dropped to 0.3% compared to previous figure 0.4% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Payroll Employment in June dropped to 206K compared to previous figure 272K in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Unemployment Rate in June rose to 4.1% compared to previous figure 4% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Labor Force Participation Rate in June rose to 62.6% compared to previous figure 62.5% in May
🇺🇸 U.S. Factory Orders (1-mth) in May dropped to -0.5% compared to previous figure 0.4, revised from 0.7% in April Source: Census Bureau
🇺🇸 In the week ending 29 June, U.S. Initial Unemployment Insurance Claims rose to 238K compared to previous figure 233K Source: Department of Labor


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

GBPUSD on Friday rose 0.42% to 1.28122. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-07-05, the pair rose 1.29% or 163.6 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 1.28807 (WR1) with break above could target 1.29491 (WR2). On the downside, we are looking at week low of 1.26164 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.28170 would suggest bullish bias after recent positive movement.

For the month of July, GBPUSD is up by 1.29% or 163.6 pips higher.

Weekly key levels to watch out:

R3 1.30813
R2 1.29491
R1 1.28807
Weekly Pivot 1.27485
S1 1.26801
S2 1.25479
S3 1.24795