GBPUSD on Friday dropped -0.46% to 1.22300. Week ending 2023-03-24 rose 0.45%. What’s going on.
|Week ending 2023-03-24|
|Week 2023-03-24||0.45%||55 Pips||March||1.75%||210 Pips|
Upcoming key events for the new week (London Time)
Mon 06:00 PM GBP Bank of England’s Governor Andrew Bailey speech
Thu 01:30 PM USD GDP (12-mth)
Fri 07:00 AM GBP Gross Domestic Product (3-mth)
What happened over the week
📆 🇺🇸 USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source
📆 🇬🇧 GBP S&P Global/CIPS Composite PMI in March preliminary estimate below forecast and dropped to 52.2 points compared to previous figure 53.1 points in February. Source
📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
📆 ☢️ 🇬🇧 GBP Bank of England Interest Rate Decision (Bank Rate) rose to 4.25% compared to previous rate 4%. Source
📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source
📆 🇬🇧 GBP Retail Price Index (1-mth) in February exceed forecast and rose to 1.2% compared to previous figure 0% in January. Source
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.46% to 1.22300. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-03-24, the pair rose 0.45% or 55 pips higher.
Looking ahead on Monday, GBPUSD looks bearish as the pair posted lower in Friday trading session.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.23273 (WR1) with break above could target 1.24247 (WR2). On the downside, we are looking at week low of 1.21650 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.23435 would suggest bullish bias after recent positive movement.
For the month of March, GBPUSD is up by 1.75% or 210 pips higher.
Weekly key levels to watch out:
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Retail sales, Great Britain: February 2023 Source: National Statistics
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U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Bank Rate increased to 4.25% – March 2023 Source: Bank of England
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
Producer Price Inflation, UK: February 2023 Source: National Statistics
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Consumer price inflation, UK: February 2023 time series Source: National Statistics
Producer Price Inflation, UK: February 2023 time series Source: National Statistics
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve
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