GBPUSD on Friday rose 0.52% to 1.21750. Week ending 2023-03-17 rose 1.23%. What’s going on.

GBPUSD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	0.52%	63.2 Pips
Week 2023-03-17	1.23%	148.5 Pips	March	1.29%	155 Pips

Upcoming key events for the new week (London Time)

Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:30 PM USD FOMC Press Conference
Thu 12:00 PM GBP Bank of England MPC Minutes
Thu 12:00 PM GBP Bank of England Asset Purchase Facility
Thu 12:00 PM GBP Bank of England Interest Rate Decision (Bank Rate)
Thu 12:00 PM GBP Bank of England Monetary Policy Summary
Fri 12:30 PM USD Durable Goods Orders
Fri 12:30 PM USD Nondefense Capital Goods xcluding Aircraft

What happened over the week

📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in March exceed forecast and improved to -23.2 points compared to previous figure -24.3 points in February. Source
📆 🇺🇸 USD Building Permits (1-mth) in February exceed forecast and rose to 1.524M compared to previous figure 1.339M in January. Source
📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source
📆 ☢️ 🇬🇧 GBP ILO Unemployment Rate (3-mth) in January unchanged at 3.7% compared to previous report in December. . Source

What can we expect from GBPUSD for the new week and what happened on Friday?

GBPUSD on Friday rose 0.52% to 1.21750. Price is above 9-Day EMA while Stochastic is falling in neutral zone. For the week ending 2023-03-17, the pair rose 1.23% or 148.5 pips higher.

Looking ahead on Monday, GBPUSD looks bullish as the pair ended higher after Friday trading session.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.22495 (WR1) with break above could target 1.23241 (WR2). On the downside, we are looking at week low of 1.20090 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.22038 would suggest bullish bias after recent positive movement.

For the month of March, GBPUSD is up by 1.29% or 155 pips higher.

Weekly key levels to watch out:

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