GBPUSD on Friday rose 0.77% to 1.28360. Week ending 2023-07-07 rose 1.12%. What’s going on.
|Week 2023-07-07||1.12%||142.7 Pips|
Upcoming key events for the new week (London Time)
Mon 09:00 PM Bank of England Governor Andrew Bailey speech
Tue 07:00 AM Claimant Count Change
Tue 07:00 AM ILO Unemployment Rate (3-mth)
Wed 01:30 PM CPI Inflation Rate (1-mth)
Wed 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM CPI Inflation Rate excluding Food and Energy sectors (1-mth)
Wed 01:30 PM CPI Inflation Rate excluding Food and Energy sectors (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Nonfarm Payroll Employment in June below forecast and dropped to 209K compared to previous figure 306, revised from 339K in May Source: Bureau of Labor Statistics
🇺🇸 U.S. ISM Services PMI in June exceed forecast and rose to 53.9 points compared to previous figure 50.3 points in May
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in May below forecast and dropped to 9.8M compared to previous figure 10.103M in April
🇺🇸 In the week ending 01 July, U.S. Initial Unemployment Insurance Claims rose to 248K compared to previous figure 236K (revised from 239K) Source: Department of Labor
🇺🇸 U.S. ADP Non-Farm Employment Change in June exceed forecast and rose to 497K compared to previous figure 278K in May
🇺🇸 U.S. Challenger Job Cuts in June dropped to 40.709K compared to previous figure 80.089K in May
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.77% to 1.28360. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-07-07, the pair rose 1.12% or 142.7 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 1.28981 (WR1) with break above could target 1.29601 (WR2). On the downside, we are looking at week low of 1.26762 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.28492 would suggest bullish bias after recent positive movement.
For the month of July, GBPUSD is up by 1.76% or 221.4 pips higher.
Weekly key levels to watch out:
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