GBPUSD on Friday rose 0.39% to 1.28442. Week ending 2023-07-28 moved lower by -0.07%. What happened.

GBPUSD Analysis

Friday0.39%49.4 Pips
Week 2023-07-28-0.07%-8.5 Pips
July1.19%151.4 Pips

Upcoming key events for the new week (London Time)

Tue 03:00 PM ISM Manufacturing PMI
Wed 01:15 PM ADP Non-Farm Employment Change
Thu 12:00 PM Bank of England Monetary Policy Report
Thu 12:00 PM Bank of England Interest Rate Decision (Bank Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 03:00 PM ISM Services PMI
Fri 01:30 PM Average Hourly Earnings (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in July below forecast and dropped to 3% compared to previous figure 3.1% in June Source: University of Michigan
🇺🇸 U.S. Employment Cost Index in Q2 below forecast and dropped to 1% compared to previous figure 1.2% in Q1
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in June exceed forecast and rose to 0.2% compared to previous figure 0.1% in May
🇺🇸 U.S. Pending Home Sales (1-mth) in June rose to 0.3% compared to previous figure -2.5% (revised from -2.7%)
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q2 preliminary estimate below forecast and dropped to 3.8% compared to previous figure 4.9% in Q1 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q2 preliminary estimate exceed forecast and rose to 2.4% compared to previous figure 2% in Q1 Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods Orders in June exceed forecast and rose to 4.7% compared to previous figure 1.8, revised from 1.7% in May Source: Census Bureau
🇺🇸 In the week ending 22 July, U.S. Initial Unemployment Insurance Claims dropped to 221K compared to previous figure 228K Source: Department of Labor
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) rose to 5.5% compared to previous rate 5.25% Source: Federal Reserve
🇺🇸 U.S. Housing Price Index (1-mth) in May unchanged at 0.7% compared to previous report in April.

From X (Twitter)

GBPUSD Daily Chart by TradingView

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

GBPUSD on Friday rose 0.39% to 1.28442. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-07-28, the pair dropped -0.07% or -8.5 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.27626.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.29958 or at least consolidates above Weekly Pivot level of 1.28675. On the downside, we are looking at week low 1.27626 or 1.27393 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.27626 would indicate selling pressure.

For the month of July, GBPUSD is up by 1.19% or 151.4 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.28675

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Gross Domestic Product, Second Quarter 2023 (Advance Estimate) Source: Bureau of Economic Analysis
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Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
New Home Sales Source: Census Bureau
UK trade in services by partner country: January to March 2023 Source: National Statistics
UK trade, quarterly goods and services: January to March 2023 Source: National Statistics
Federal Reserve issues FOMC statement Source: Federal Reserve
Consumer prices development plan: updated July 2023 Source: National Statistics

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