GBPUSD on Friday rose 0.28% to 1.27168. Week ending 2024-01-05 moved lower by -0.1%. What happened.

GBPUSD Analysis

Friday0.28%35 Pips
Week 2024-01-05-0.1%-13.2 Pips
January-0.1%-13.2 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM CPI Inflation Rate (12-mth)
Fri 01:30 PM PPI excluding Food and Energy sectors (12-mth)

What happened over the week

🇺🇸 U.S. Factory Orders (1-mth) in November exceed forecast and rose to 2.6% compared to previous figure -3.4, revised from -3.6% in October Source: Census Bureau
🇺🇸 U.S. Average Hourly Earnings (12-mth) in December exceed forecast and rose to 4.1% compared to previous figure 4% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Payroll Employment in December rose to 216K compared to previous figure 173K (revised from 199K) Source: Bureau of Labor Statistics
🇺🇸 In the week ending 30 December, the advance figure for seasonally adjusted initial jobless claims dropped to 202K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. Challenger Job Cuts in December dropped to 34.817K compared to previous figure 45.51K in November
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in November below forecast and dropped to 8.79M compared to previous figure 8.852, revised from 8.733M in October Source: Bureau of Labor Statistics

From X (Twitter)

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

GBPUSD on Friday rose 0.28% to 1.27168. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-01-05, the pair dropped -0.1% or -13.2 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.26103.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.27709 or at least consolidates above Weekly Pivot level of 1.26993. On the downside, we are looking at week low 1.26103 or 1.26278 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.26103 would indicate selling pressure.

For the month of January, GBPUSD is down by -0.1% or -13.2 pips lower.

Weekly key levels to watch out:

Weekly Pivot1.26993

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