GBPUSD on Friday rose 0.08% to 1.26695. Week ending 2024-02-23 rose 0.57%. What happened.

GBPUSD Analysis

Friday0.08%10.1 Pips
Week 2024-02-230.57%71.7 Pips
February-0.13%-16.8 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM Personal Consumption Expenditures Price Index (1-mth)

What happened over the week

🇬🇧 U.K. GfK Consumer Confidence in February dropped to -21 points compared to previous figure -19 points in January Source: GfK

From X (Twitter)

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

GBPUSD on Friday rose 0.08% to 1.26695. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-02-23, the pair rose 0.57% or 71.7 pips higher.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.25789.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.27097 or at least consolidates above Weekly Pivot level of 1.26527. On the downside, we are looking at week low 1.25789 or 1.25957 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.27097 would suggest bullish bias after recent positive movement.

For the month of February, GBPUSD is down by -0.13% or -16.8 pips lower.

Weekly key levels to watch out:

Weekly Pivot1.26527

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