GBP/USD reversed directions last week, as the pair dropped about 120 points last week. The pair closed at 1.5309. This week’s major event is Preliminary GDP. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD.
In the UK, a superb Retail Sales wasn’t enough to stem the pound’s losses. The US dollar received some support last week from positive US data, as home sales and jobless claims beat their estimates. The euro plunge after hints from the ECB about further easing weighed on the pound, as investors sought the safety of the US dollar.
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