GBPUSD on Friday rose 1.45% to 1.23760. Week ending 2023-11-03 rose 2.1%. What’s going on.
|Week 2023-11-03||2.1%||254 Pips|
Upcoming key events for the new week (London Time)
Wed 02:15 PM Federal Reserve Chair Jerome Powell speech
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 07:00 AM GDP (3-mth)
Fri 07:00 AM GDP (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Nonfarm Payroll Employment in October added 150K jobs, unemployment rate changed little at 3.9%. Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in September exceed forecast and rose to 2.8% compared to previous figure 1, revised from 1.2% in August Source: Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q3 preliminary estimate exceed forecast and rose to 4.7% compared to previous figure 3.5% in Q2 Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in October dropped to 36.836K compared to previous figure 47.457K in September
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in September exceed forecast and rose to 9.553M compared to previous figure 9.497, revised from 9.61M in August Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2
From X (Twitter)
Governor Andrew Bailey explains today’s interest rate decision. pic.twitter.com/d86FXza0la
— Bank of England (@bankofengland) November 2, 2023
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 1.45% to 1.23760. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-11-03, the pair rose 2.1% or 254 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 1.24804 (WR1) with break above could target 1.25847 (WR2). On the downside, we are looking at week low of 1.20897 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.23894 would suggest bullish bias after recent positive movement.
For the month of November, GBPUSD is up by 1.88% or 227.8 pips higher.
Weekly key levels to watch out:
You might also be interested in:
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Nonfarm Payroll Employment in October added 150K jobs, unemployment rate changed little at 3.9%. Source: Bureau of Labor Statistics Publications
Construction Spending Source: Census Bureau
Employee Earnings in the UK: 2023 Source: National Statistics
Federal Reserve issues FOMC statement Source: Federal Reserve
Housing Vacancies and Homeownership Source: Census Bureau
Rental Vacancy Rate Source: Census Bureau