GBPUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.01%	0.7 Pips
Week 2023-11-10	-1.23%	-152.6 Pips
November	0.62%	75.2 Pips

Upcoming key events for the new week (London Time)

Tue 07:00 AM Claimant Count Change
Tue 07:00 AM Labour Market Employment Change
Tue 07:00 AM ILO Unemployment Rate (3-mth)
Tue 01:30 PM CPI Inflation Rate (1-mth)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 07:00 AM CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM CPI Inflation Rate (CPIH) (12-mth)
Wed 09:30 AM Bank of England Monetary Policy Report Hearings
Wed 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 07:00 AM Retail Sales Volumes (1-mth)

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November preliminary estimate exceed forecast and rose to 3.2% compared to previous figure 3% in October Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November preliminary estimate below forecast and dropped to 60.4 points compared to previous figure 63.8 points in October Source: University of Michigan
🇬🇧 U.K. GDP (3-mth) in Q3 preliminary estimate exceed forecast and dropped to 0% compared to previous figure 0.2% in Q2 Source: Office for National Statistics
🇬🇧 U.K. GDP (1-mth) in September rose to 0.2% compared to previous figure 0.1% (revised from 0.2%) Source: Office for National Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in October exceed forecast and dropped to 2.6% compared to previous figure 2.8% in September

From X (Twitter)

GDP is estimated to have shown no growth in July to September (Quarter 3):

▪️ services fell (-0.1%)
▪️ construction grew (+0.1%)
▪️ production was flat (0.0%)

➡️ https://t.co/cy3TeNVTig pic.twitter.com/HHKIe3SOu7

— Office for National Statistics (ONS) (@ONS) November 10, 2023

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

GBPUSD on Friday rose 0.01% to 1.22234. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-11-10, the pair dropped -1.23% or -152.6 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.21867.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.24284 or at least consolidates above Weekly Pivot level of 1.22795. On the downside, we are looking at week low 1.21867 or 1.21306 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.21867 would indicate selling pressure.

For the month of November, GBPUSD is up by 0.62% or 75.2 pips higher.

Weekly key levels to watch out:

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