GBPUSD on Friday rose 0.69% to 1.27093. Week ending 2023-12-01 rose 0.87%. What’s going on.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.69%87.6 Pips
Week 2023-12-010.87%109 Pips
December0.46%58.4 Pips

Upcoming key events for the new week (London Time)

Tue 03:00 PM ISM Services PMI
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment
Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.
🇺🇸 U.S. New-Home Sales Change (1-mth) in October below forecast and dropped to -5.6% compared to previous figure 8.6, revised from 12.3% in September

From X (Twitter)


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

GBPUSD on Friday rose 0.69% to 1.27093. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-12-01, the pair rose 0.87% or 109 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.26056.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.27593 (WR1) with break above could target 1.28094 (WR2). On the downside, we are looking at week low of 1.26056 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.27325 would suggest bullish bias after recent positive movement.

For the month of December, GBPUSD is up by 0.46% or 58.4 pips higher.

Weekly key levels to watch out:

R31.28862
R21.28094
R11.27593
Weekly Pivot1.26825
S11.26324
S21.25556
S31.25055

Leave a comment

Your email address will not be published. Required fields are marked *