GBPUSD on Friday dropped -0.44% to 1.26010. Week ending 2024-03-22 moved lower by -1.08%. What you need to know.

GBPUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.44%-55.7 Pips
Week 2024-03-22-1.08%-138 Pips
March-0.18%-22.1 Pips

Upcoming key events for the new week (London Time)

Thu 07:00 AM GDP (3-mth)
Thu 07:00 AM GDP (12-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Thu 11:00 PM Good Friday
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇬🇧 U.K. Retail Sales Volumes (1-mth) in February dropped to 0% compared to previous figure 3.6% (revised from 3.4%) Source: Office for National Statistics
🇬🇧 U.K. GfK Consumer Confidence in March unchanged at -21 points compared to previous report in February. Source: GfK
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇬🇧 U.K. CPI Inflation Rate (CPIH) (1-mth) in February rose to 0.6% compared to previous figure -0.6% in January Source: Office for National Statistics
🇬🇧 U.K. Retail Price Index (1-mth) in February rose to 0.8% compared to previous figure -0.3% in January Source: Office for National Statistics
🇬🇧 U.K. Producer Price Index – Output (1-mth) n.seasonal adjustment in February rose to 0.3% compared to previous figure -0.2% in January
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

From X (Twitter)


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

GBPUSD on Friday dropped -0.44% to 1.26010. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-22, the pair dropped -1.08% or -138 pips lower.

Looking ahead on Monday, GBPUSD looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 1.25161 (WS1) with break below could see further selling pressure towards 1.24312 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.28033 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.25748 would indicate selling pressure.

For the month of March, GBPUSD is down by -0.18% or -22.1 pips lower.

Weekly key levels to watch out:

R31.29731
R21.28882
R11.27446
Weekly Pivot1.26597
S11.25161
S21.24312
S31.22876

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