GBPUSD on Friday dropped -0.17% to 1.24157. Week ending 2023-04-07 rose 0.67%. What happened.
|Week ending 2023-04-07|
|Week 2023-04-07||0.67%||82.7 Pips|
Upcoming key events for the new week (London Time)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) | Mar
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) | Mar
Wed 07:00 PM USD FOMC Meeting Minutes
Wed 08:15 PM GBP Bank of England’s Governor Andrew Bailey speech
Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar
Fri 01:30 PM USD Retail Trade Control Group | Mar
Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash
Sat 01:00 AM USD IMF Meeting
What happened over the week
📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment | Mar in March below forecast and dropped to 236K compared to previous figure 326, revised from 311K in February. Source: Bureau of Labor Statistics
🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Source: Department of Labor
📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. Source:
📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. Source:
📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. Source: Census Bureau
📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. Source:
📆 🇬🇧 GBP S&P Global/CIPS Manufacturing PMI | Mar in March below forecast and dropped to 47.9 points compared to previous figure 48 points in February. Source:
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.17% to 1.24157. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-04-07, the pair rose 0.67% or 82.7 pips higher.
Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.22730.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.25253 or at least consolidates above Weekly Pivot level of 1.24047. On the downside, we are looking at week low 1.22730 or 1.22840 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.25253 would suggest bullish bias after recent positive movement.
For the month of April, GBPUSD is up by 0.67% or 82.7 pips higher.
Weekly key levels to watch out:
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NFP rose by 236,000 in March, and the unemployment rate changed little at 3.5% Source: Bureau of Labor Statistics Publications
U.S. International Trade in Goods and Services, February 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
February job openings and layoffs and discharges decrease; quits edge up Source: Bureau of Labor Statistics Publications
Construction Spending Source: Census Bureau
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