GBPUSD Analysis
| Week Ending 2024-11-29 | |||
| Open | High | Low | Close |
| 1.25 | 1.27 | 1.25 | 1.27 |
| Performance | ||||||
| Period | Pct | Chg | Momentum | |||
| Friday | 0.29% | 37.3 Pips |  |
|||
| Week 2024-11-29 | 1.11% | 140.3 Pips |  November |
-1.27% | -163.6 Pips |  |
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims 
Fri 01:30 PM Nonfarm Payroll Employment
What happened over the week
In the United States, economic data for October reveals nuanced trends. Consumer spending increased at a slower pace of 0.4%, down from September’s 0.5%, as reported by the Bureau of Economic Analysis. Despite this moderation, personal income showed strength with a rise of 0.6%, up from 0.3% in September. The PCE Price Index, both including and excluding food and energy, indicated rising inflation pressures over the year. The 12-month PCE Price Index rose to 2.3% from 2.1%, while the core measure (excluding food and energy) edged up to 2.8% from 2.7%. However, the monthly PCE price remained steady at 0.2%. Durable Goods Orders showed a mixed picture with a minor uplift of 0.2% but a drop in orders excluding transportation and nondefense capital goods, highlighting volatility in specific sectors. GDP metrics from the Q3 flash estimates remained consistent with previous figures; the GDP annual rate held at 2.8%, while the GDP Price Index slightly increased. In labor markets, initial unemployment claims saw a marginal drop, contributing to an overall stable economic sentiment.
The recent movement in GBPUSD resulted in an upward trend, ending an eight-week decline and reaching a two-week high with a 0.29% increase on Friday and a 1.11% rise over the week. This recovery can be attributed to the stabilizing economic data from the U.S., which, while reflecting some economic strengths, also showed areas of concern such as weaker-than-expected growth in durable goods. These factors might have shifted investor sentiment towards the pound. Upcoming U.S. data releases, like initial unemployment claims and nonfarm payroll employment, could significantly influence future GBPUSD dynamics as investors assess the implications of these figures on the comparative strength of the U.S. dollar versus the British pound. As the previous month’s data still presents mixed economic signals, market participants will closely watch these reports, which could provide fresh insights into the U.S. economic trajectory, potentially affecting GBPUSD volatility.
From X (Twitter)
CPI rose by 2.3% in the 12 months to Oct 2024, up from 1.7% in Sept 2024.
Read the release ➡️ https://t.co/cIrNnjEwEf pic.twitter.com/ndDXNa23Mj
— Office for National Statistics (ONS) (@ONS) November 20, 2024
What can we expect from GBPUSD for the new week and what happened on Friday?
GBPUSD on Friday rose 0.29% to 1.27. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-11-29, the pair rose 1.11% or 140.3 pips higher.
Looking ahead, GBPUSD looks mixed as the pair is likely to consolidate above week low of 1.25.
For the new week, our technical outlook looks bullish, immediate upside resistance level at 1.28 (WR1) with break above could target 1.29 (WR2). On the downside, we are looking at week low of 1.25 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.27 would suggest bullish bias after recent positive movement.
For the month of November, GBPUSD is down by -1.27% or -163.6 pips lower.
Weekly key levels to watch out:
| R3 | 1.31 |
| R2 | 1.29 |
| R1 | 1.28 |
| Weekly Pivot | 1.27 |
| S1 | 1.26 |
| S2 | 1.24 |
| S3 | 1.23 |
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