GBPUSD on Friday rose 0.56% to 1.26035. Week ending 2023-11-24 rose 1.18%. What’s going on.

GBPUSD Analysis

Friday0.56%69.8 Pips
Week 2023-11-241.18%147.1 Pips
November3.75%455.3 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Wed 03:05 PM Bank of England Governor Andrew Bailey speech
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇬🇧 U.K. GfK Consumer Confidence in November below forecast and improved to -24 points compared to previous figure -30 points in October Source: GfK
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Source: Census Bureau

From X (Twitter)

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

GBPUSD on Friday rose 0.56% to 1.26035. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-11-24, the pair rose 1.18% or 147.1 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 1.26640 (WR1) with break above could target 1.27246 (WR2). On the downside, we are looking at week low of 1.24455 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.26153 would suggest bullish bias after recent positive movement.

For the month of November, GBPUSD is up by 3.75% or 455.3 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.25548

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
UK productivity flash estimate: July to September 2023 Source: National Statistics
Minutes of the Federal Open Market Committee, October 31-November 1, 2023 Source: Federal Reserve

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