GBPUSD Analysis
| Week Ending 2024-07-26 | |||
| Open | High | Low | Close |
| 1.29 | 1.29 | 1.28 | 1.29 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.04% | 5.3 Pips |  |
||
| Week 2024-07-26 | -0.54% | -69.9 Pips |  |
||
| July | 1.7% | 214.6 Pips | |
||
Upcoming key events for the new week (London Time)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:00 PM Bank of England Interest Rate Decision (Bank Rate) 
Thu 01:30 PM Initial Unemployment Insurance Claims Fri 01:30 PM Nonfarm Payroll Employment Fri 01:30 PM Average Hourly Earnings (1-mth) Fri 01:30 PM Average Hourly Earnings (12-mth)
What happened over the week
🇺🇸 The U.S. Michigan Index of Consumer Sentiment rose to 66.4 points in July, up from 66 points in June. Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in June dropped to 2.5% compared to the previous figure of 2.6% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in June rose to 0.1% from 0% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP annual rate in the Q2 flash estimate rose to 2.8%, compared to the previous figure of 1.4% in Q1. Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods – New Orders in June dropped to -6.6% from 0.1% in May. Source: Census Bureau
🇺🇸 U.S. Durable Goods Orders excluding Transportation rose to 0.5% in June compared to -0.1% in May. Source: Census Bureau
🇺🇸 In the week ending 20 July, U.S. Initial Unemployment Insurance Claims dropped to 235K compared to previous figure 245K (revised from 243K) Source: Department of Labor
🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.
From X (Twitter)
We’ve published the latest UK labour market figures.
Headline indicators for the UK labour market for March to May 2024 show:
– employment was 74.4%
– unemployment was 4.4%
– economic inactivity was 22.1%Read Labour market overview ➡️ https://t.co/MdXZmfY8cb pic.twitter.com/gjSFyoyNgv
— Office for National Statistics (ONS) (@ONS) July 18, 2024
Consumer Prices Index (CPI) grew 2.0% in the year to June 2024, unchanged from the previous month.
Read the release ➡️ https://t.co/xCG9DNmbkX pic.twitter.com/xVbi2oFTel
— Office for National Statistics (ONS) (@ONS) July 17, 2024
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.04% to 1.29. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-07-26, the pair dropped -0.54% or -69.9 pips lower.
Looking ahead, GBPUSD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 1.28 (WS1) with break below could see further selling pressure towards 1.28 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.29 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 1.28 would indicate selling pressure.
For the month of July, GBPUSD is up by 1.7% or 214.6 pips higher.
Weekly key levels to watch out:
| R3 | 1.30 |
| R2 | 1.30 |
| R1 | 1.29 |
| Weekly Pivot | 1.29 |
| S1 | 1.28 |
| S2 | 1.28 |
| S3 | 1.27 |
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