GBPUSD on Friday dropped -0.02% to 1.27017. Week ending 2024-01-19 moved lower by -0.36%. What happened.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.02%-3 Pips
Week 2024-01-19-0.36%-45.6 Pips
January-0.22%-28.3 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January preliminary estimate exceed forecast and rose to 78.8 points compared to previous figure 69.7 points in December Source: University of Michigan
🇬🇧 U.K. Retail Sales Volumes (12-mth) in December below forecast and dropped to -2.4% compared to previous figure 0.2, revised from 0.1% in November Source: Office for National Statistics
🇺🇸 In the week ending 13 January, U.S. Initial Unemployment Insurance Claims dropped to 187K compared to previous figure 202K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November
🇬🇧 U.K. CPI Inflation Rate (CPIH) (12-mth) in December exceed forecast and rose to 4% compared to previous figure 3.9% in November Source: Office for National Statistics
🇬🇧 U.K. Retail Price Index (1-mth) in December exceed forecast and rose to 0.5% compared to previous figure -0.1% in November Source: Office for National Statistics
🇬🇧 U.K. Labour Market Employment Change in November exceed forecast and rose to 73K compared to previous figure 50K in October Source: Office for National Statistics
🇬🇧 U.K. Average Earnings Excluding Bonus (3Mo/Yr) in November dropped to 6.6% compared to previous figure 7.2% (revised from 7.3%) Source: Office for National Statistics

From X (Twitter)


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

GBPUSD on Friday dropped -0.02% to 1.27017. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-01-19, the pair dropped -0.36% or -45.6 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.25961.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.27652 or at least consolidates above Weekly Pivot level of 1.26877. On the downside, we are looking at week low 1.25961 or 1.26101 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.25961 would indicate selling pressure.

For the month of January, GBPUSD is down by -0.22% or -28.3 pips lower.

Weekly key levels to watch out:

R31.29483
R21.28568
R11.27792
Weekly Pivot1.26877
S11.26101
S21.25186
S31.24410

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