GBPUSD on Friday rose 0.26% to 1.26555. Week ending 2024-03-01 moved lower by -0.1%. What happened.

GBPUSD Analysis

Friday0.26%32.4 Pips
Week 2024-03-01-0.1%-12.8 Pips
March0.26%32.4 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 03:00 PM Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in February dropped to 76.9 points compared to previous figure 79.6 points in January Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in January rose to 0.3% compared to previous figure 0.2% in December
🇺🇸 U.S. Personal Income (1-mth) in January rose to 1% compared to previous figure 0.3% in December Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau

From X (Twitter)

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

GBPUSD on Friday rose 0.26% to 1.26555. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-03-01, the pair dropped -0.1% or -12.8 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.25994.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.26995 or at least consolidates above Weekly Pivot level of 1.26515. On the downside, we are looking at week low 1.25994 or 1.26034 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.25994 would indicate selling pressure.

For the month of March, GBPUSD is up by 0.26% or 32.4 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.26515

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