GBPUSD by TradingView
| Week Ending 2023-02-17 | |||
| Open | High | Low | Close |
| 1.20691 | 1.22697 | 1.19130 | 1.20404 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.40% | 47.9 Pips |  |
||
| Week 2023-02-17 | -0.14% | -17.1 Pips | |
||
| February | -2.27% | -279.5 Pips |  |
||
Next week key events (London Time)
Mon 05:00 AM USD Presidents’ Day
Tue 09:30 AM GBP S&P Global/CIPS Services PMI Wed 07:00 PM USD FOMC Minutes Thu 01:30 PM USD Gross Domestic Product Annualized
What happened over the week
GBP Retail Sales (MoM) in January rose to 0.5% compared to previous figure -1.2% (revised from -1%). Source 📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in February below forecast and dropped to -24.3 points compared to previous figure -8.9 points in January. Source 📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source 📆 🇬🇧 GBP Retail Price Index (YoY) in January unchanged at 13.4% compared to previous report in December. . Source 📆 🇬🇧 GBP Core Consumer Price Index (YoY) in January below forecast and dropped to 5.8% compared to previous figure 6.3% in December. Source GBP PPI Core Output (MoM) n.s.a in January rose to 0.6% compared to previous figure 0.1%. Source 📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source 📆 ☢️ 🇬🇧 GBP Claimant Count Change in January below forecast and dropped to -12.9K compared to previous figure -3.2, revised from 19.7K in December. Source
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.40% to 1.20404. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-02-17, the pair dropped -0.14% or -17.1 pips lower.
Looking ahead on Monday after previous session, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.19130.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of last week high of 1.22697 or at least trades above Weekly Pivot level of 1.20744. On the downside, we are looking at last week low 1.19130 or 1.18790 (WS1) as immediate support level. GBPUSD need to break on either side to indicate a short-term bias. A close below last week low of 1.19130 would indicate selling pressure.
For the month of February, GBPUSD is down by -2.27% or -279.5 pips lower.
Weekly key levels to watch out:
| R3 | 1.25924 |
| R2 | 1.24311 |
| R1 | 1.22357 |
| Weekly Pivot | 1.20744 |
| S1 | 1.18790 |
| S2 | 1.17177 |
| S3 | 1.15223 |
You might also be interested in:
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau PPI for final demand advances 0.7% in January; goods rise 1.2%, services increase 0.4% Source: Bureau of Labor Statistics Publications
Retail sales, Great Britain: January 2023 time series Source: National Statistics Retail sales, Great Britain: January 2023 Source: National Statistics New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advanced Monthly Sales for Retail and Food Services Source: Census Bureau Producer Price Inflation, UK: January 2023 time series Source: National Statistics Consumer price inflation, UK: January 2023 Source: National Statistics Producer Price Inflation, UK: January 2023 Source: National Statistics Consumer price inflation, UK: January 2023 time series Source: National Statistics CPI for all items rises 0.5% in January as shelter increases Source: Bureau of Labor Statistics Publications UK labour market: February 2023 Source: National Statistics UK productivity flash estimate: October to December 2022 Source: National Statistics
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