The British pound posted strong gains for a second straight week, as the pair gained about 270 points. The pair closed at 1.5708, the highest weekly close since early November 2014. It’s a busy week, with 12 events on the calendar. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD.
Updates:
Last week’s UK releases met expectations, so the pound’s rally was due more to weak US releases rather than strong British data. Soft US retail sales highlighted a disappointing week for US data, and Consumer Sentiment slipped badly to end the week.
Read the rest of the article GBP/USD Forecast May 18-22