GBPUSD on Friday rose 0.13% to 1.25754. Week ending 2023-06-09 rose 1.03%. What’s going on.
|Week 2023-06-09||1.03%||128.4 Pips|
Upcoming key events for the new week (London Time)
Tue 07:00 AM GBP Claimant Count Change
Tue 07:00 AM GBP ILO Unemployment Rate (3-mth)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth)
Tue 03:00 PM GBP Bank of England Governor Andrew Bailey speech
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD FOMC Monetary Policy Statement
Wed 07:00 PM USD FOMC Economic Projections
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
Thu 01:30 PM USD Retail Trade Control Group
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 In the week ending 03 June, U.S. Initial Unemployment Insurance Claims rose to 261K compared to previous figure 233K (revised from 232K) Source: Department of Labor
🇺🇸 U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$)
🇬🇧 BRC Like-For-Like Retail Sales (12-mth) in May exceed forecast and dropped to 3.7% compared to previous figure 5.2% in April
🇺🇸 Factory Orders (1-mth) in April exceed forecast and rose to 4% compared to previous figure 0.9% in March Source: Census Bureau
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.13% to 1.25754. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-06-09, the pair rose 1.03% or 128.4 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 1.26547 (WR1) with break above could target 1.27339 (WR2). On the downside, we are looking at week low of 1.23670 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.25901 would suggest bullish bias after recent positive movement.
For the month of June, GBPUSD is up by 1.1% or 137.3 pips higher.
Weekly key levels to watch out:
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