GBPUSD on Friday dropped -0.12% to 1.27376. Week ending 2024-03-15 moved lower by -0.91%. What happened.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.12%-15.4 Pips
Week 2024-03-15-0.91%-117.2 Pips
March0.91%114.5 Pips

Upcoming key events for the new week (London Time)

Wed 07:00 AM CPI Inflation Rate (CPIH) (1-mth)
Wed 07:00 AM CPI Inflation Rate (CPIH) (12-mth)
Wed 06:00 PM FOMC Monetary Policy Statement
Wed 06:00 PM FOMC Economic Projections
Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:00 PM Bank of England Interest Rate Decision (Bank Rate)
Thu 12:30 PM Initial Unemployment Insurance Claims
Fri 07:00 AM Retail Sales Volumes (1-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in March flash estimate dropped to 76.5 points compared to previous figure 76.9 points in February Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in February rose to -0.1% compared to previous figure -0.5% (revised from -0.1%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in February rose to 0.6% compared to previous figure -0.8% in January Source: Census Bureau
🇺🇸 U.S. PPI excluding Food and Energy sectors (12-mth) in February unchanged at 2% compared to previous report in January.
🇺🇸 U.S. Producer Price Index (1-mth) in February rose to 0.6% compared to previous figure 0.3% in January
🇬🇧 U.K. Industrial Production (1-mth) in January dropped to -0.2% compared to previous figure 0.6% in December
🇬🇧 U.K. GDP (1-mth) in January rose to 0.2% compared to previous figure -0.1% in December Source: Office for National Statistics
🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in February rose to 3.2% compared to previous figure 3.1% in January Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in February rose to 0.4% compared to previous figure 0.3% in January Source: Bureau of Labor Statistics
🇬🇧 U.K. Labour Market Employment Change in January dropped to -21K compared to previous figure 72K in December Source: Office for National Statistics

From X (Twitter)


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

GBPUSD on Friday dropped -0.12% to 1.27376. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-15, the pair dropped -0.91% or -117.2 pips lower.

Looking ahead on Monday, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.27000.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.28620 or at least consolidates above Weekly Pivot level of 1.27665. On the downside, we are looking at week low 1.27000 or 1.26711 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.27000 would indicate selling pressure.

For the month of March, GBPUSD is up by 0.91% or 114.5 pips higher.

Weekly key levels to watch out:

R31.29951
R21.29285
R11.28331
Weekly Pivot1.27665
S11.26711
S21.26045
S31.25091

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