GBPUSD on Friday rose 0.38% to 1.28567. Week ending 2024-03-08 rose 1.61%. What’s going on.

GBPUSD Analysis

Friday0.38%49.3 Pips
Week 2024-03-081.61%203.7 Pips
March1.85%233.6 Pips

Upcoming key events for the new week (London Time)

Tue 07:00 AM ILO Unemployment Rate (3-mth)
Tue 07:00 AM Labour Market Employment Change
Tue 12:30 PM CPI Inflation Rate (12-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM PPI excluding Food and Energy sectors (12-mth)
Thu 12:30 PM Monthly Retail Trade (1-mth)

What happened over the week

🇺🇸 U.S. Nonfarm Payroll Employment in February rose to 275K compared to previous figure 229K (revised down by 124K) in January Source: Bureau of Labor Statistics
🇺🇸 In the week ending 02 March, Initial Unemployment Insurance Claims in U.S. was unchanged at 217K compared to previous figure 217K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q4 unchanged at 3.2% compared to previous report in Q3. Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in February rose to 84.638K compared to previous figure 82.307K in January
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% 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 0.38% to 1.28567. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2024-03-08, the pair rose 1.61% or 203.7 pips higher.

Looking ahead on Monday, GBPUSD looks bullish as the pair ended higher after Friday trading session.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.29513 (WR1) with break above could target 1.30460 (WR2). On the downside, we are looking at week low of 1.26468 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.28937 would suggest bullish bias after recent positive movement.

For the month of March, GBPUSD is up by 1.85% or 233.6 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.27991

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