GBPUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.54% | 68 Pips |  |
||
| Week 2023-04-28 | 1% | 123.9 Pips | |
||
| April | 1.85% | 228.2 Pips | |
||
Upcoming key events for the new week (London Time)
Wed 01:15 PM USD ADP Non-Farm Employment Change Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 07:00 PM USD FOMC Monetary Policy Statement Wed 07:30 PM USD FOMC Press Conference 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Fri 01:30 PM USD Nonfarm Payroll Employment
What happened over the week
🇺🇸 UoM 5-year Consumer Inflation Expectation in April exceed forecast and rose to 3% compared to previous figure 2.9% in March Source: University of Michigan 🇺🇸 Michigan Index of Consumer Sentiment in April unchanged at 63.5 points compared to previous report in March. The actual figure is also in line with the forecast Source: University of Michigan 🇺🇸 Personal Income (1-mth) in March unchanged at 0.3% compared to previous report in February. Source: Bureau of Economic Analysis 🇺🇸 Pending Home Sales (1-mth) in March rose to 0.8% compared to previous figure 0.8%. 🇺🇸 Core Personal Consumption Expenditures (3-mth) in Q1 preliminary estimate exceed forecast and rose to 4.9% compared to previous figure 4.4% in Q4 Source: Bureau of Economic Analysis 🇺🇸 GDP Annualized in Q1 preliminary estimate below forecast and dropped to 1.1% compared to previous figure 2.6% in Q4 Source: Bureau of Economic Analysis 🇺🇸 In the week ending 22 April, the Initial Unemployment Insurance Claims dropped to 230K compared to previous figure 245K Source: Department of Labor 🇺🇸 Durable Goods Orders excluding Transportation in March rose to 0.3% compared to previous figure -0.3% (revised from 0%). Source: Census Bureau 🇺🇸 New Residential Sales (1-mth) in March exceed forecast and rose to 0.683M compared to previous figure 0.623, revised from 0.64M in February Source: Census Bureau 🇺🇸 Housing Price Index (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.1, revised from 0.2% in January 🇺🇸 Chicago Fed National Activity Index in March unchanged at -0.19 points compared to previous report in February.
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.54% to 1.25612. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-04-28, the pair rose 1% or 123.9 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 1.26347 (WR1) with break above could target 1.27083 (WR2). On the downside, we are looking at week low of 1.23860 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.25839 would suggest bullish bias after recent positive movement.
For the month of April, GBPUSD is up by 1.85% or 228.2 pips higher.
Weekly key levels to watch out:
| R3 | 1.28326 |
| R2 | 1.27083 |
| R1 | 1.26347 |
| Weekly Pivot | 1.25104 |
| S1 | 1.24368 |
| S2 | 1.23125 |
| S3 | 1.22389 |
You might also be interested in:
Public service productivity: total, UK, 2020 Source: National Statistics
Gross Domestic Product, First Quarter 2023 (Advance Estimate) Source: Bureau of Economic Analysis UK trade in services by partner country: October to December 2022 Source: National Statistics UK trade, quarterly goods and services: October to December 2022 Source: National Statistics Productivity overview UK: October to December 2022 Source: National Statistics Sickness absence in the UK labour market: 2022 Source: National Statistics Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau Advance Retail Inventories Source: Census Bureau Advance U.S. International Trade in Goods Source: Census Bureau Advance Wholesale Inventories Source: Census Bureau New Home Sales Source: Census Bureau Public service productivity overview, UK: October to December 2022 Source: National Statistics
#GBPUSD trending on Twitter
[custom-twitter-feeds hashtag=”#GBPUSD” num=3 showheader=false]
Important Notice: We do not endorsed nor verified the posts provided by Twitter widget.
