GBPUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.29% | 35.7 Pips |  |
||
| Week 2023-05-19 | -0.06% | -7 Pips |  |
||
| May | -0.9% | -113.6 Pips | |
||
Upcoming key events for the new week (London Time)
Wed 07:00 AM GBP CPI Inflation Rate (12-mth)
Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇬🇧 GfK Consumer Confidence in May improved to -27 points compared to previous figure -30 points in April Source: GfK 🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau 🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau 🇬🇧 Average Earnings Including Bonus (3Mo/Yr) in March unchanged at 5.8% compared to previous report 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 0.29% to 1.24440. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-05-19, the pair dropped -0.06% or -7 pips lower.
Looking ahead on Monday, GBPUSD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 1.23747 (WS1) with break below could see further selling pressure towards 1.23055 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.25458 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.23910 would indicate selling pressure.
For the month of May, GBPUSD is down by -0.9% or -113.6 pips lower.
Weekly key levels to watch out:
| R3 | 1.26843 |
| R2 | 1.26151 |
| R1 | 1.25295 |
| Weekly Pivot | 1.24603 |
| S1 | 1.23747 |
| S2 | 1.23055 |
| S3 | 1.22199 |
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