GBPUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.24% | -30.8 Pips |  |
||
| Week 2023-06-23 | -0.83% | -106.1 Pips |  |
||
| June | 2.21% | 274.4 Pips |  |
||
Upcoming key events for the new week (London Time)
Tue 01:30 PM USD Durable Goods Orders Tue 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft Wed 09:30 PM USD Bank Stress Test Info 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized (12-mth)
Fri 07:00 AM GBP GDP (3-mth)
What happened over the week
🇬🇧 U.K. Retail Sales Volumes (1-mth) in May exceed forecast and dropped to 0.3% compared to previous figure 0.5% in April Source: Office for National Statistics 🇬🇧 U.K. GfK Consumer Confidence in June below forecast and improved to -24 points compared to previous figure -27 points in May Source: GfK 🇺🇸 U.S. Chicago Fed National Activity Index in May below forecast and dropped to -0.15 points compared to previous figure 0.07 points in April 🇬🇧 U.K. Bank of England Interest Rate Decision (Bank Rate) exceed forecast and rose to 5% compared to previous rate 4.5% Source: Bank of England 🇬🇧 U.K. CPI Inflation Rate (CPIH) (12-mth) in May unchanged at 8.7% compared to previous report in April. Source: Office for National Statistics 🇬🇧 U.K. Retail Price Index (12-mth) in May exceed forecast and dropped to 11.3% compared to previous figure 11.4% in April Source: Office for National Statistics 🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Source: Census Bureau
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.24% to 1.27125. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-06-23, the pair dropped -0.83% or -106.1 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 1.28394 or at least consolidates above Weekly Pivot level of 1.27456. On the downside, we are looking at week low 1.26850 or 1.26519 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.26850 would indicate selling pressure.
For the month of June, GBPUSD is up by 2.21% or 274.4 pips higher.
Weekly key levels to watch out:
| R3 | 1.29607 |
| R2 | 1.29000 |
| R1 | 1.28063 |
| Weekly Pivot | 1.27456 |
| S1 | 1.26519 |
| S2 | 1.25912 |
| S3 | 1.24975 |
You might also be interested in:
Retail sales, Great Britain: May 2023 Source: National Statistics Retail sales, Great Britain: May 2023 time series Source: National Statistics
U.S. International Transactions, 1st Quarter 2023 and Annual Update Source: Bureau of Economic Analysis Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve Producer Price Inflation, UK: May 2023 Source: National Statistics Consumer price inflation, UK: May 2023 Source: National Statistics Producer Price Inflation, UK: May 2023 time series Source: National Statistics Consumer price inflation, UK: May 2023 time series Source: National Statistics Business Formation Statistics Source: Census Bureau New Residential Construction Source: Census Bureau Subregional productivity in the UK: June 2023 Source: National Statistics Regional labour productivity, UK: 2021 Source: National Statistics
#GBPUSD trending on Twitter
[custom-twitter-feeds hashtag=”#GBPUSD” num=3 showheader=false]
Important Notice: We do not endorsed nor verified the posts provided by Twitter widget.
