GBPUSD on Friday rose 0.01% to 1.26000. Week ending 2024-02-16 moved lower by -0.3%. What happened.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.01%1.2 Pips
Week 2024-02-16-0.3%-37.3 Pips
February-0.62%-78.5 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Presidents’ Day
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in February flash estimate unchanged at 2.9% compared to previous report in January. Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in February flash estimate rose to 79.6 points compared to previous figure 79 points in January Source: University of Michigan
🇬🇧 U.K. Retail Sales Volumes (1-mth) in January rose to 3.4% compared to previous figure -3.2% in December Source: Office for National Statistics
🇬🇧 U.K. Retail Sales Volumes (12-mth) in January rose to 0.7% compared to previous figure -2.4% in December Source: Office for National Statistics
🇺🇸 U.S. Industrial Production (1-mth) in January dropped to -0.1% compared to previous figure 0.1%
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in February rose to 5.2 points compared to previous figure -10.6 points in January
🇺🇸 U.S. Monthly Retail Trade (1-mth) in January dropped to -0.8% compared to previous figure 0.4, revised from 0.6% in December Source: Census Bureau
🇺🇸 In the week ending 10 February, U.S. Initial Unemployment Insurance Claims dropped to 212K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. New York Empire State Manufacturing Index in February improved to -2.4 points compared to previous figure -43.7 points in January
🇬🇧 U.K. GDP (12-mth) in Q4 flash estimate dropped to -0.2% compared to previous figure 0.3% in Q3 Source: Office for National Statistics
🇬🇧 U.K. GDP (1-mth) in December dropped to -0.1% compared to previous figure 0.3% in November Source: Office for National Statistics
🇬🇧 U.K. Core CPI Inflation Rate (12-mth) in January unchanged at 5.1% compared to previous report in December. Source: Office for National Statistics
🇬🇧 U.K. Retail Price Index (12-mth) in January dropped to 4.9% compared to previous figure 5.2% in December Source: Office for National Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
🇬🇧 U.K. Labour Market Employment Change in December dropped to 72K compared to previous figure 73K in November Source: Office for National Statistics
🇬🇧 U.K. Claimant Count Change in January rose to 14.1K compared to previous figure 5.5K (revised from 11.7K) Source: Office for National Statistics
🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service

From X (Twitter)


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

GBPUSD on Friday rose 0.01% to 1.26000. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-02-16, the pair dropped -0.3% or -37.3 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.25370.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.26834 or at least consolidates above Weekly Pivot level of 1.26068. On the downside, we are looking at week low 1.25370 or 1.25302 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.25370 would indicate selling pressure.

For the month of February, GBPUSD is down by -0.62% or -78.5 pips lower.

Weekly key levels to watch out:

R31.28230
R21.27532
R11.26766
Weekly Pivot1.26068
S11.25302
S21.24604
S31.23838

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