GBPUSD on Friday dropped -0.61% to 1.24470. Week ending 2023-06-02 rose 0.84%. What happened.

GBPUSD Analysis

Friday-0.61%-76.4 Pips
Week 2023-06-020.84%103.4 Pips
June0.07%8.9 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 Nonfarm Payroll Employment in May exceed forecast and rose to 339K compared to previous figure 294K in April (revised from 253K) Source: Bureau of Labor Statistics
🇺🇸 In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Source: Department of Labor
🇺🇸 Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Source: Bureau of Labor Statistics
🇺🇸 U.S. ADP Non-Farm Employment Change in May dropped to 278K compared to previous figure 291K (revised from 296K)
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)

GBPUSD Daily Chart by TradingView

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

GBPUSD on Friday dropped -0.61% to 1.24470. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-06-02, the pair rose 0.84% or 103.4 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.23260.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.25444 or at least consolidates above Weekly Pivot level of 1.24391. On the downside, we are looking at week low 1.23260 or 1.23339 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.25444 would suggest bullish bias after recent positive movement.

For the month of June, GBPUSD is up by 0.07% or 8.9 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.24391

You might also be interested in:

Payroll employment increases by 339,000 in May; unemployment rate rises to 3.7% Source: Bureau of Labor Statistics
Construction Spending Source: Census Bureau
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023 Source: Federal Reserve

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