GBPUSD Analysis
Performance | |||||
Period | Pct | Chg | Momentum | ||
Friday | 0.07% | 8.2 Pips | |||
Week 2023-04-21 | 0.2% | 24.3 Pips | |||
April | 0.85% | 104.3 Pips |
Upcoming key events for the new week (London Time)
Wed 01:30 PM USD Durable Goods Orders
Wed 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized
What happened over the week
π¬π§ Retail Sales Volumes (12-mth) in March improved to -3.1% compared to previous figure -3.5% in February Source: Office for National Statistics
π¬π§ GfK Consumer Confidence in April below forecast and improved to -30 points compared to previous figure -36 points in March Source: GfK
In the week ending 15 April, the Initial Unemployment Insurance Claims rose to 245K compared to 240K, revised from 239K in the previous report Source: Department of Labor
πΊπΈ Philadelphia Fed Manufacturing Survey in April exceed forecast and dropped to -31.3 points compared to previous figure -23.2 points in March
π¬π§ CPI Inflation Rate (12-mth) in March below forecast and dropped to 10.1% compared to previous figure 10.4% in February Source: Office for National Statistics
π¬π§ Retail Price Index (12-mth) in March exceed forecast and dropped to 13.5% compared to previous figure 13.8% in February
πΊπΈ Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Source: Census Bureau
π¬π§ Claimant Count Change in March exceed forecast and rose to 28.2K compared to previous figure -18.8, revised from -11.2K in February Source: Office for National Statistics
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.07% to 1.24373. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-04-21, the pair rose 0.2% or 24.3 pips higher.
Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.23520.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.24741 or at least consolidates above Weekly Pivot level of 1.24211. On the downside, we are looking at week low 1.23520 or 1.23682 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.24741 would suggest bullish bias after recent positive movement.
For the month of April, GBPUSD is up by 0.85% or 104.3 pips higher.
Weekly key levels to watch out:
R3 | 1.26124 |
R2 | 1.25432 |
R1 | 1.24903 |
Weekly Pivot | 1.24211 |
S1 | 1.23682 |
S2 | 1.22990 |
S3 | 1.22461 |
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