GBPUSD Analysis
| Week ending 2023-03-24 | |||
| Open | High | Low | Close |
| 1.22040 | 1.23435 | 1.21650 | 1.22300 |
| Performance | ||||||
| Period | Pct | Chg | Momentum | |||
| Friday | -0.46% | -57 Pips |  |
|||
| Week 2023-03-24 | 0.45% | 55 Pips |  March |
1.75% | 210 Pips |  |
Upcoming key events for the new week (London Time)
Mon 06:00 PM GBP Bank of England’s Governor Andrew Bailey speech
Thu 01:30 PM USD GDP (12-mth) Fri 07:00 AM GBP Gross Domestic Product (3-mth)
What happened over the week
📆 🇺🇸 USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source 📆 ☢️ 🇺🇸 USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source 📆 🇬🇧 GBP S&P Global/CIPS Composite PMI in March preliminary estimate below forecast and dropped to 52.2 points compared to previous figure 53.1 points in February. Source 📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source 📆 ☢️ 🇬🇧 GBP Bank of England Interest Rate Decision (Bank Rate) rose to 4.25% compared to previous rate 4%. Source 📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source 📆 🇬🇧 GBP Retail Price Index (1-mth) in February exceed forecast and rose to 1.2% compared to previous figure 0% in January. Source
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.46% to 1.22300. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-03-24, the pair rose 0.45% or 55 pips higher.
Looking ahead on Monday, GBPUSD looks bearish as the pair posted lower in Friday trading session.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.23273 (WR1) with break above could target 1.24247 (WR2). On the downside, we are looking at week low of 1.21650 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.23435 would suggest bullish bias after recent positive movement.
For the month of March, GBPUSD is up by 1.75% or 210 pips higher.
Weekly key levels to watch out:
| R3 | 1.25058 |
| R2 | 1.24247 |
| R1 | 1.23273 |
| Weekly Pivot | 1.22462 |
| S1 | 1.21488 |
| S2 | 1.20677 |
| S3 | 1.19703 |
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