GBPUSD Analysis
| Week Ending 2024-07-19 | |||
| Open | High | Low | Close |
| 1.30 | 1.30 | 1.29 | 1.29 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.28% | -35.8 Pips |  |
||
| Week 2024-07-19 | -0.44% | -56.8 Pips |  |
||
| July | 2.07% | 261.4 Pips |  |
||
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims 
Thu 01:30 PM GDP annual rate Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
What happened over the week
🇬🇧 U.K. Retail Sales Volumes excluding Fuel (1-mth) in June dropped to -1.5% compared to 2.9% in May. Source: Office for National Statistics
🇬🇧 U.K. GfK Consumer Confidence in July improved to -13 points from -14 points in June. Source: GfK
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇬🇧 The U.K. Labour Force Survey Employment Change in May rose to 19K compared to the previous figure of -140K in April. Source: Office for National Statistics
🇬🇧 The U.K. ILO Unemployment Rate (3-mth) remained unchanged at 4.4% in May compared to April’s report. Source: Office for National Statistics
🇬🇧 U.K. Claimant Count Change in June dropped to 32.3K compared to previous figure 51.9K (revised from 50.4K) Source: Office for National Statistics
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇬🇧 The U.K. annualized CPI Inflation Rate for June remained unchanged at 2% compared to May’s report. Source: Office for National Statistics
🇬🇧 The U.K. CPI Inflation Rate for June dropped to 0.1% from 0.3% in May. Source: Office for National Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
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 dropped -0.28% to 1.29. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-07-19, the pair dropped -0.44% or -56.8 pips lower.
Looking ahead, GBPUSD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.30 or at least consolidates above Weekly Pivot level of 1.30. On the downside, we are looking at week low 1.29 or 1.29 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below week low of 1.29 would indicate selling pressure.
For the month of July, GBPUSD is up by 2.07% or 261.4 pips higher.
Weekly key levels to watch out:
| R3 | 1.31 |
| R2 | 1.31 |
| R1 | 1.30 |
| Weekly Pivot | 1.30 |
| S1 | 1.29 |
| S2 | 1.28 |
| S3 | 1.27 |
You might also be interested in:
Retail sales, Great Britain: June 2024 Source: National Statistics Retail sales, Great Britain: June 2024 time series Source: National Statistics UK labour market: July 2024 Source: National Statistics
New Residential Construction Source: Census Bureau Consumer price inflation, UK: June 2024 time series Source: National Statistics Producer price inflation, UK: June 2024 including services, April to June 2024 time series Source: National Statistics Producer price inflation, UK: June 2024 including services, April to June 2024 Source: National Statistics Consumer price inflation, UK: June 2024 Source: National Statistics Manufacturing and Trade Inventories and Sales Source: Census Bureau Advance Monthly Sales for Retail and Food Services Source: Census Bureau Public service productivity, quarterly, UK : January to March 2024 Source: National Statistics