|Week ending 2023-03-10|
|Week 2023-03-10||-0.11%||-12.7 Pips|
Upcoming key events for the new week (London Time)
Tue 07:00 AM GBP Claimant Count
Tue 07:00 AM GBP ILO Unemployment Rate (3-mth)
Tue 12:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group
What happened over the week
📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment in February exceed forecast and dropped to 311K compared to previous figure 504, revised from 517K in January. Source
GBP NIESR GDP Estimate (3M) in February dropped to -0.1% compared to previous figure -0.1%. Source
📆 🇬🇧 GBP GDP (1-month) in January exceed forecast and rose to 0.3% compared to previous figure -0.5% in December. Source
📆 🇬🇧 GBP Industrial Production (1-month) in January exceed forecast and dropped to -0.3% compared to previous figure 0.3% in December. Source
🇺🇸 📆 USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.9% to 1.20310. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-03-10, the pair dropped -0.11% or -12.7 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 is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.21137 or at least consolidates above Weekly Pivot level of 1.19824. On the downside, we are looking at week low 1.18024 or 1.18510 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.18024 would indicate selling pressure.
For the month of March, GBPUSD is up by 0.09% or 11 pips higher.
Weekly key levels to watch out:
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GDP monthly estimate, UK: January 2023 Source: National Statistics
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U.S. International Trade in Goods and Services, January 2023 Source: Bureau of Economic Analysis
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