GBPUSD on Friday dropped -0.11% to 1.27488. Week ending 2024-01-12 rose 0.25%. What happened.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.11%-14 Pips
Week 2024-01-120.25%31.5 Pips
January0.15%18.8 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Martin Luther King Jr. Day
Tue 07:00 AM Labour Market Employment Change
Wed 07:00 AM CPI Inflation Rate (CPIH) (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. Producer Price Index (12-mth) in December below forecast and rose to 1% compared to previous figure 0.8, revised from 0.9% in November
🇬🇧 U.K. Industrial Production (1-mth) in November rose to 0.3% compared to previous figure -1.3, revised from -0.8% in October
🇬🇧 U.K. GDP (1-mth) in November exceed forecast and rose to 0.3% compared to previous figure -0.3% in October Source: Office for National Statistics
🇺🇸 U.S. Monthly Budget Statement in December below forecast and improved to -129$ compared to previous figure -314$ in November Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in December exceed forecast and rose to 3.4% compared to previous figure 3.1% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in December exceed forecast and rose to 0.3% compared to previous figure 0.1% in November Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 January, U.S. Initial Unemployment Insurance Claims dropped to 202K compared to previous figure 203K (revised from 202K) Source: Department of Labor

From X (Twitter)


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

GBPUSD on Friday dropped -0.11% to 1.27488. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-01-12, the pair rose 0.25% or 31.5 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.26729.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.27856 or at least consolidates above Weekly Pivot level of 1.27358. On the downside, we are looking at week low 1.26729 or 1.26859 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27856 would suggest bullish bias after recent positive movement.

For the month of January, GBPUSD is up by 0.15% or 18.8 pips higher.

Weekly key levels to watch out:

R31.29113
R21.28485
R11.27986
Weekly Pivot1.27358
S11.26859
S21.26231
S31.25732

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