GBPUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.89% | -111.1 Pips |  |
||
| Week 2023-04-14 | -0.02% | -2.7 Pips |  |
||
| April | 0.65% | 80 Pips |  |
||
Upcoming key events for the new week (London Time)
Tue 07:00 AM GBP Claimant Count | Mar Tue 07:00 AM GBP ILO Unemployment Rate (3-mth) | Feb Wed 07:00 AM GBP CPI Inflation Rate (12-mth) | Mar 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Fri 09:30 AM GBP S&P Global/CIPS Services PMI| Apr flash
What happened over the week
📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation | Apr flash in April preliminary estimate unchanged at 2.9% compared to previous report in March. The actual figure is also in line with the forecast Source: University of Michigan 📆 ☢️ 🇺🇸 USD Michigan Index of Consumer Sentiment | Apr flash in April preliminary estimate exceed forecast and rose to 63.5 points compared to previous figure 62 points in March Source: University of Michigan 📆 ☢️ 🇺🇸 USD Retail Trade Turnover (1-mth) | Mar in March exceed forecast and dropped to -1% compared to previous figure -0.2, revised from -0.4% in February Source: Census Bureau 🇺🇸 📆 USD In the week ending 08 April, the Initial Unemployment Insurance Claims rose to 239K compared to previous figure 228K Source: Department of Labor 📆 🇬🇧 GBP NIESR GDP Estimate (3M) | Mar in March exceed forecast and rose to 0.1% compared to previous figure -0.1% in February Source: NIESR 📆 🇬🇧 GBP Gross Domestic Product (1-mth) | Feb in February below forecast and dropped to 0% compared to previous figure 0.4, revised from 0.3% in January Source: Office for National Statistics 📆 🇬🇧 GBP Industrial Production (1-mth) | Feb in February below forecast and improved to -0.2% compared to previous figure -0.5, revised from -0.3% in January 📆 🇺🇸 USD Monthly Budget Statement | Mar in March exceed forecast and dropped to -378$ compared to previous figure -262$ in February. 📆 🇺🇸 USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February Source: Bureau of Labor Statistics
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.89% to 1.24130. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-04-14, the pair dropped -0.02% or -2.7 pips lower.
Looking ahead on Monday, GBPUSD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.25463 or at least consolidates above Weekly Pivot level of 1.24344. On the downside, we are looking at week low 1.23439 or 1.23225 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.23439 would indicate selling pressure.
For the month of April, GBPUSD is up by 0.65% or 80 pips higher.
Weekly key levels to watch out:
| R3 | 1.27273 |
| R2 | 1.26368 |
| R1 | 1.25249 |
| Weekly Pivot | 1.24344 |
| S1 | 1.23225 |
| S2 | 1.22320 |
| S3 | 1.21201 |
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