GBPUSD on Friday dropped -0.35% to 1.25483. Week ending 2023-12-08 moved lower by -1.26%. What you need to know.

GBPUSD Analysis

Friday-0.35%-44.2 Pips
Week 2023-12-08-1.26%-159.8 Pips
December-0.58%-73.4 Pips

Upcoming key events for the new week (London Time)

Tue 07:00 AM Labour Market Employment Change
Tue 07:00 AM ILO Unemployment Rate (3-mth)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:00 PM Bank of England Interest Rate Decision (Bank Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Monthly Retail Trade (1-mth)

What happened over the week

🇺🇸 U.S. Nonfarm Payroll Employment in November exceed forecast and rose to 199K compared to previous figure 150K in October Source: Bureau of Labor Statistics
🇺🇸 In the week ending 02 December, U.S. Initial Unemployment Insurance Claims rose to 220K compared to previous figure 219K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. Challenger Job Cuts in November rose to 45.51K compared to previous figure 36.836K in October
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q3 exceed forecast and rose to 5.2% compared to previous figure 4.7% in Q2 Source: Bureau of Labor Statistics
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics
🇬🇧 U.K. BRC Like-For-Like Retail Sales (12-mth) in November unchanged at 2.6% compared to previous report in October.
🇺🇸 U.S. Factory Orders (1-mth) in October exceed forecast and dropped to -3.6% compared to previous figure 2.3, revised from 2.8% 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 dropped -0.35% to 1.25483. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-12-08, the pair dropped -1.26% or -159.8 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.25018.

For the new week, our technical outlook looks bearish, immediate support level is at 1.24586 (WS1) with break below could see further selling pressure towards 1.23688 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.27245 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.25018 would indicate selling pressure.

For the month of December, GBPUSD is down by -0.58% or -73.4 pips lower.

Weekly key levels to watch out:

Weekly Pivot1.25915

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