GBPUSD on Friday rose 0.5% to 1.29849. Week ending 2024-07-12 rose 1.39%. What’s going on.

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	0.5%	64.8 Pips
Week 2024-07-12	1.39%	178.4 Pips
July	2.66%	336.3 Pips

Upcoming key events for the new week (London Time)

  Tue 01:30 PM Monthly Retail Trade (1-mth)
  Wed 07:00 AM CPI Inflation Rate (CPIH) (1-mth)
  Wed 07:00 AM CPI Inflation Rate (CPIH) (12-mth)
  Thu 07:00 AM Labour Force Survey Employment Change
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Fri 07:00 AM Retail Sales Volumes (1-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics
🇬🇧 U.K. GDP (1-mth) in May rose to 0.4% compared to previous figure 0% in April Source: Office for National Statistics

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

GBPUSD on Friday rose 0.5% to 1.29849. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-07-12, the pair rose 1.39% or 178.4 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 1.30573 (WR1) with break above could target 1.31298 (WR2). On the downside, we are looking at week low of 1.27792 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.29907 would suggest bullish bias after recent positive movement.

For the month of July, GBPUSD is up by 2.66% or 336.3 pips higher.

Weekly key levels to watch out: