GBPUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.47% | 58.5 Pips |  |
||
| Week 2023-05-05 | 0.55% | 68.7 Pips | |
||
| May | 0.55% | 68.7 Pips | |
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Upcoming key events for the new week (London Time)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth)
Thu 12:00 PM GBP Bank of England MPC Minutes Thu 12:00 PM GBP Bank of England Monetary Policy Report Thu 12:00 PM GBP Bank of England Asset Purchase Facility Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate) Thu 12:00 PM GBP Bank of England MPC Vote Rate Cut Thu 12:00 PM GBP Bank of England MPC Vote Rate Hike Thu 12:00 PM GBP Bank of England MPC Vote Rate Unchanged Thu 12:00 PM GBP Monetary Policy Summary Thu 12:30 PM GBP Bank of England’s Governor Andrew Bailey speech 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Fri 07:00 AM GBP GDP (3-mth) Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 Nonfarm Payroll Employment in April exceed forecast and rose to 253K compared to previous figure 165K, revised from 236K in March Source: Bureau of Labor Statistics USD Nonfarm Business Labor Productivity in Q1 preliminary estimate dropped to -2.7% compared to previous figure 1.6% (revised from 1.7%). Source: Bureau of Labor Statistics 🇺🇸 In the week ending 29 April, the Initial Unemployment Insurance Claims rose to 242K compared to previous figure 229K (revised from 230K) Source: Department of Labor 🇺🇸 Goods and Services Trade Balance in March exceed forecast and improved to -64.2$ compared to previous figure -70.6, revised from -70.5$ in February 🇺🇸 Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5% Source: Federal Reserve 🇺🇸 Factory Orders (1-mth) in March exceed forecast and rose to 0.9% compared to previous figure -1.1, revised from -0.7% in February Source: Census Bureau
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.47% to 1.26299. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-05-05, the pair rose 0.55% or 68.7 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 1.27098 (WR1) with break above could target 1.27897 (WR2). On the downside, we are looking at week low of 1.24352 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.26524 would suggest bullish bias after recent positive movement.
For the month of May, GBPUSD is up by 0.55% or 68.7 pips higher.
Weekly key levels to watch out:
| R3 | 1.29270 |
| R2 | 1.27897 |
| R1 | 1.27098 |
| Weekly Pivot | 1.25725 |
| S1 | 1.24926 |
| S2 | 1.23553 |
| S3 | 1.22754 |
You might also be interested in:
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau Payroll employment rises by 253,000 in April; unemployment rate changes little at 3.4% Source: Bureau of Labor Statistics Publications U.S. International Trade in Goods and Services, March 2023 Source: Bureau of Economic Analysis U.S. International Trade in Goods and Services Source: Census Bureau Housing Vacancies and Homeownership Source: Census Bureau Rental Vacancy Rate Source: Census Bureau Federal Reserve issues FOMC statement Source: Federal Reserve Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
GDP revisions in Blue Book, 2022 Source: National Statistics Construction Spending Source: Census Bureau
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