|Week ending 2023-03-31|
|Week 2023-03-31||0.84%||103 Pips|
Upcoming key events for the new week (London Time)
Fri 12:00 AM GBP Good Friday
Fri 06:00 AM USD Good Friday
Fri 01:30 PM USD Nonfarm Payroll Employment | Mar
What happened over the week
📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation | Mar in March rose to 2.9% compared to previous figure 2.8% in February. Source: University of Michigan
📆 🇺🇸 USD Michigan Index of Consumer Sentiment | Mar in March below forecast and dropped to 62 points compared to previous figure 63.4 points in February. Source: University of Michigan
📆 🇺🇸 USD Chicago Purchasing Managers’ Index | Mar in March exceed forecast and rose to 43.8 points compared to previous figure 43.6 points in February.
📆 ☢️ 🇬🇧 GBP GDP (3-mth) | Q4 in Q4 rose to 0.1% compared to previous figure 0% in Q3. Source: Office for National Statistics
📆 🇺🇸 USD Core Personal Consumption Expenditures (3-mth) | Q4 in Q4 exceed forecast and rose to 4.4% compared to previous figure 4.3% in Q3. Source: Bureau of Economic Analysis
📆 ☢️ 🇺🇸 USD GDP Annualized | Q4 in Q4 below forecast and dropped to 2.6% compared to previous figure 2.7% in Q3. Source: Bureau of Economic Analysis
📆 🇺🇸 USD Pending Home Sales (1-mth) | Feb in February exceed forecast and dropped to 0.8% compared to previous figure 8.1% in January.
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.43% to 1.23330. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-03-31, the pair rose 0.84% or 103 pips higher.
Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.22170.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.24229 or at least consolidates above Weekly Pivot level of 1.23243. On the downside, we are looking at week low 1.22170 or 1.22257 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.24229 would suggest bullish bias after recent positive movement.
For the month of March, GBPUSD is up by 2.6% or 313 pips higher.
Weekly key levels to watch out:
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