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Weekly Economic Calendar


May 27-31, 2024



Economic Focus This Week
Breakdown by Day:

1. Monday: A slow start due to bank holidays, but watch for comments from Bank of Korea Governor Ueda.
2. Tuesday: Australian Retail Sales data and US Consumer Confidence report will be in the spotlight.
3. Wednesday: Australian CPI data is the main event, followed by comments from SNB Chair Jordan and FOMC members Bowman and Mester.
4. Thursday: Prelim CPI data for Germany and the US, along with US GDP, unemployment claims, and Pending Home Sales figures.
5. Friday: All eyes on the Core PCE Price Index release in the US, alongside Canadian GDP data.

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Market Analysis and Forecasts


May 28, 2024



Commodities and Cryptocurrencies:

1. Gold: Bearish trend continues. Support at 2328 , 2307, 2267, and 2211. Resistance at 2400 and 2450.
2. Crude Oil: Potential to weaken in the near future. Support at 76.15 (Bullish Fair Value Gap). Resistance at 78.03, 78.66, and 79.93.
3. Bitcoin: Bearish outlook. Potential for further decline towards 66,232 and 65,760 (200 EMA). Resistance at 70,000 and 71,900.

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Market Analysis and Forecasts


May 30, 2024



Major Currencies:
GBP/USD:

1. Technical Analysis: The pound is also in a downtrend and is expected to continue unless it consolidates above 1.2761. Key support and resistance levels are 1.2646 and 1.2853 respectively.
2. Fundamental Analysis: Similar to the Euro, weak US data could lead to a GBP rebound. The Bank of England is also expected to cut rates later this year, but this is priced in by the market already.

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Market Analysis and Forecasts


May 31, 2024



Major Currencies:
GBP/USD:

1. Analysis: Pound recovered slightly but faces resistance at 1.2721. Mixed data releases from the US could determine the direction. Technical indicators suggest potential for rangebound trading with upside towards 1.2757 and downside towards 1.2615.
2. Forecast: Neutral bias with potential rangebound trading between 1.2615 and 1.2757. Breakout in either direction depends on US data and BoE rate cut expectations.

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Weekly Economic Calendar


June 3-7, 2024



Economic Focus This Week
Key Questions to Watch:

1. US Jobs Data: Will the May jobs report show a slowdown in hiring, potentially paving the way for Fed rate cuts?
2. Central Bank Decisions: Will both the ECB and BoC deliver the anticipated rate cuts? How will their forward guidance impact markets?
3. Market Reaction: How will the data and central bank decisions influence currency pairs, equities, and bonds?

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Market Analysis and Forecasts


June 4, 2024



Major Currencies:
GBP/USD:

1. Current: Pound fell after weak UK manufacturing data.
2. Factors to Consider: US ISM manufacturing PMI data.
3. Forecast: Short-term outlook depends on US data. Upward movement possible if US data is weak. Resistance at 1.2763 and 1.2797. Support at 1.2700 and 1.2674.

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Market Analysis and Forecasts


June 6, 2024



Major Currencies:
GBP/USD:

1. Sellers protected support at 1.2779.
2. Strong US data could push GBP/USD lower.
3. BoE rate cut expectations later this summer could support GBP/USD.
4. GBP/USD technical analysis: Resistance at 1.2810 and 1.2853, support at 1.2746 and 1.2721.
5. Trading strategies: Buy on weak US data around 1.2782, sell on strong data around 1.2762.

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Market Analysis and Forecasts


June 7, 2024



Major Currencies:
GBP/USD:

1. The Bank of England may cut interest rates before the end of the year, but the UK economy is showing some strength.
2. GBP/USD is trading lower on expectations of a dovish BoE.
3. Pay attention to Christine Lagarde's ECB speech and US data releases for further direction on GBP.
4. The GBP may follow the direction of the EUR after the ECB decision.
5. GBP/USD is facing resistance at 1.2802 and support at 1.2741 and 1.2682.

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Weekly Economic Calendar


June 10-14, 2024



Economic Focus This Week
Key Events This Week

1. Thursday: Australia releases employment data. The US releases more inflation data (PPI) and unemployment claims. Expect updates from Treasury Secretary Yellen.
2. Friday: Japan's central bank (BOJ) makes its rate decision, potentially influencing markets. The US hears from ECB President Lagarde and gets consumer sentiment data from the University of Michigan.

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Market Analysis and Forecasts


June 11, 2024



Major Currencies:
GBP/USD:

1. Early American session price: 1.2718
2. Downward trend expected to continue
3. Buy signal at 1.2711, target 1.2761
4. Sell signal below 1.2687, target 1.2647

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Market Analysis and Forecasts


June 13, 2024



Major Currencies:
GBP/USD:

1. Trend: Upward (short-term)
2. Support: 1.2711
3. Resistance: 1.2739, 1.2804
4. Forecast: Sell from 1.2739 with a target of 1.2711. Alternative scenario: Break below 1.2693 signals downtrend resumption.

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Market Analysis and Forecasts


June 14, 2024



Major Currencies:
GBP/USD:

1. Overall: Neutral to bearish bias
2. Key Levels:
   1. Support: 1.2736, 1.2707
   2. Resistance: 1.2797, 1.2828, 1.2858
   
   
3. Strategy:
   1. Buy: Look for entry around 1.2788 targeting 1.2835. Exit at 1.2835 or open sell positions targeting 1.2759.
   2. Sell: Look for entry at 1.2797 targeting 1.2736. Exit at 1.2736 or open buy positions targeting 1.2788. Otherwise, sell at 1.2858 targeting 1.2823 (correction only).
   
   
4. Factors to Consider: US inflation data, BoE meeting next week

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Weekly Economic Calendar


June 17-21, 2024



Economic Focus This Week
Data Deluge

1. China: Industrial Production and Retail Sales data will shed light on the world's second-largest economy.
2. US: Retail Sales and various manufacturing indices will give clues about consumer spending and economic health.
3. UK: CPI inflation data. A drop to the target 2.0% might not sway the BoE, but could change the statement's tone.
4. Global Flash PMI: This key indicator of manufacturing activity will be released for several countries.

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Market Analysis and Forecasts


June 18, 2024



Major Currencies:
GBP/USD:

1. Sellers control the market, but bulls may attempt to stop the decline.
2. Buying opportunities around 1.2675 with a target of 1.2691.
3. Key moment for direction likely the outcome of the Federal Reserve meeting.

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Market Analysis and Forecasts


June 20, 2024



Major Currencies:
GBP/USD:

1. Rose after UK inflation data met expectations.
2. Potential for further gains before tomorrow's BoE meeting.
3. Resistance at 1.2750, support at 1.2687.
4. BoE meeting outcome will be key for GBP/USD direction.

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Market Analysis and Forecasts


June 21, 2024



Major Currencies:
GBP/USD:

1. Technical Analysis: Bearish. Price is in a range ahead of the Bank of England's decision. Support at 1.2686 is crucial. Resistance at 1.2715.
2. Trading Strategy:
   1. Buy: Above 1.2714, target 1.2765, stop-loss below 1.2686.
   2. Sell: Below 1.2697, target 1.2656, stop-loss above 1.2714.
3. Overall: The trend is bearish, and a dovish BoE could weaken GBP further.

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Weekly Economic Calendar


June 24-28, 2024



Economic Focus This Week

1. Wednesday: Australia takes center stage with their key CPI figures. Later, the US releases new home sales and crude oil inventory data.
2. Thursday: Europe stays quiet, but Bank of England Governor Bailey's speech could stir the pot. The US unleashes a flurry of data, including GDP, durable goods, and housing numbers.
3. Friday: The main event: the US Core PCE Price Index. Canada's GDP data and revised consumer confidence numbers add to the mix.

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Market Analysis and Forecasts


June 25, 2024



Major Currencies:
GBP/USD:

1. Pound fell on weak UK PMI data.
2. Forecast: Potential pullback upwards in the short-term, followed by a decline.
3. Resistance: 1.2730/1.2780
4. Support: 1.2540/1.2490

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Market Analysis and Forecasts


June 26, 2024



Major Currencies:
GBP/USD:

1. Trend: Bearish with ongoing correction.
2. Support Levels: 1.2664, 1.2623, 1.2602, 1.2566
3. Resistance Levels: 1.2693, 1.2735, 1.2806
4. Trading Tips:
   • Sellers can enter near resistance at 1.2693 with a target of 1.2664.
   • Alternative scenario: If the price breaks above 1.2735, the uptrend resumes.
   
   

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Market Analysis and Forecasts


June 28, 2024



Major Currencies:
GBP/USD:

1. Technical Analysis: Bearish, testing support at 1.2623. Bulls may enter around 1.2648 with a target of 1.2680.
2. Support levels at 1.2623, 1.2602, 1.2566. Resistance levels at 1.2664, 1.2693, 1.2735, 1.2806.
3. Fundamental Analysis: GBP awaits UK snap elections and upcoming GDP data. Mixed US data helped GBP rebound slightly.
4. Forecast: GBP/USD likely to remain flat with potential for intraday volatility depending on US data.

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