GBP/USD reversed directions last week, as the pair posted strong gains of 180 points. GBP/USD closed the week at 1.5232. This week’s key events are CPI and Retail Sales. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD.
It was a mixed bag out of the US last week, as the markets continue to speculate about a rate hike in December. PPI and Retail Sales missed estimates, but UoM Consumer Sentiment beat the forecast. Earlier in the week, US jobless claims repeated at 276 thousand, coming in above the forecast for a second straight week. The Fed is leaning towards a hike, but by no means is it a done deal.
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