GBPUSD Analysis
| Week Ending 2024-04-26 | |||
| Open | High | Low | Close |
| 1.24 | 1.25 | 1.23 | 1.25 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.16% | -19.9 Pips |  |
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| Week 2024-04-26 | 0.99% | 122.3 Pips | |
||
| April | -1.04% | -131.2 Pips |  |
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Upcoming key events for the new week (London Time)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate) 
Thu 01:30 PM Initial Unemployment Insurance Claims Fri 01:30 PM Average Hourly Earnings (1-mth) Fri 01:30 PM Average Hourly Earnings (12-mth) Fri 01:30 PM Nonfarm Payroll Employment
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in April dropped to 77.2 points compared to previous figure 77.9 points in March Source: University of Michigan
🇺🇸 U.S. Personal Spending in March unchanged at 0.8% compared to previous report in February. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in March rose to 2.7% compared to previous figure 2.5% in February
🇬🇧 U.K. GfK Consumer Confidence in April improved to -19 points compared to previous figure -21 points in March Source: GfK
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 flash estimate rose to 3.7% compared to previous figure 2% in Q4 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.6% compared to previous figure 3.4% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 April, U.S. Initial Unemployment Insurance Claims dropped to 207K compared to previous figure 212K Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders in March rose to 1.4% compared to previous figure 0.7% (revised from 1.4%) Source: Census Bureau
🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau
From X (Twitter)
We’ve published the latest UK labour market figures.
Headline indicators for the UK labour market for December 2023 to February 2024 show:▪️ employment was 74.5%
▪️ unemployment was 4.2%
▪️ economic inactivity was 22.2%➡️ https://t.co/TllNpQLjtS pic.twitter.com/rsTVAKMbfE
— Office for National Statistics (ONS) (@ONS) April 16, 2024
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday dropped -0.16% to 1.25. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-04-26, the pair rose 0.99% or 122.3 pips higher.
Looking ahead, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.23.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.25 or at least consolidates above Weekly Pivot level of 1.24. On the downside, we are looking at week low 1.23 or 1.23 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A break above 1.25 would suggest bullish bias after recent positive movement.
For the month of April, GBPUSD is down by -1.04% or -131.2 pips lower.
Weekly key levels to watch out:
| R3 | 1.28 |
| R2 | 1.27 |
| R1 | 1.26 |
| Weekly Pivot | 1.24 |
| S1 | 1.23 |
| S2 | 1.22 |
| S3 | 1.21 |
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Gross Domestic Product, First Quarter 2024 (Advance Estimate) Source: Bureau of Economic Analysis
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