GBP/USD enjoyed an excellent week, gaining 240 points. The pair closed at 1.2717. There are nine events this week. Here is an outlook for the highlights of this week and an updated technical analysis for GBP/USD. Â
In the UK, Manufacturing and Construction PMIs pointed to expansion. The BoE released its Financial Stability Report and said that it sees global risks as a result of the Trump election, which could have negative repercussions for the British economy. In the US, the economy continues to expand at a brisk clip. Preliminary GDP sparkled in Q3 with a gain of 3.2%, beating the estimate of 3.0%. Consumer Confidence data easily beat expectations. Employment numbers were mixed, as Nonfarm Payrolls met expectations, but wages declined.
Updates:
GBP/USD graph with support and resistance lines on it. Click to enlarge:
