GBPUSD on Friday dropped -0.03% to 1.27028. Week ending 2024-01-26 rose 0.02%. What happened.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.03%-4 Pips
Week 2024-01-260.02%2 Pips
January-0.21%-27.2 Pips

Upcoming key events for the new week (London Time)

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
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in December unchanged at 2.6% compared to previous report in November. The actual figure is also in line with the forecast
🇬🇧 U.K. GfK Consumer Confidence in January below forecast and improved to -19 points compared to previous figure -22 points in December Source: GfK
🇺🇸 U.S. Gross Domestic Product Price Index in Q4 preliminary estimate below forecast and dropped to 1.5% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 preliminary estimate unchanged at 2% compared to previous report in Q3. The actual figure is also in line with the forecast Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 January, U.S. Initial Unemployment Insurance Claims rose to 214K compared to previous figure 189K (revised from 187K) Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders excluding Transportation in December exceed forecast and rose to 0.6% compared to previous figure 0.4, revised from 0.5% in November 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 -0.03% to 1.27028. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-01-26, the pair rose 0.02% or 2 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.26487.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.27748 or at least consolidates above Weekly Pivot level of 1.27088. On the downside, we are looking at week low 1.26487 or 1.26427 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27748 would suggest bullish bias after recent positive movement.

For the month of January, GBPUSD is down by -0.21% or -27.2 pips lower.

Weekly key levels to watch out:

R31.28949
R21.28349
R11.27688
Weekly Pivot1.27088
S11.26427
S21.25827
S31.25166

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