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started the week with gains, but ended the week with modest losses. The pair closed the week at 1.5563. The upcoming week has just five events on the schedule. Here is an outlook of the events and an updated technical analysis for GBP/USD.
The UK posted solid manufacturing and GDP data last week, but the pound failed to take advantage against the broadly stronger US dollar. In the US, weak employment and housing data didn’t dampen enthusiasm for the dollar, as the FOMC minutes confirmed that QE tapering is only a matter of time.
Updates:- Dollar beginning to show strength: Geo-political concerns in the Middle East and rising tensions in Syria have given a boost to the US dollar against...
- New BOE Governor to defend move to forward guidance: Idea of the Day The market is going to be focusing on what Mark Carney has to say today in...
- Report: Strike on Syria to start on Friday, after markets close: The US and its allies are getting ready to strike Syria, and the attack could start in the night between...
- Fear and Greed with GBP/USD: Fear and greed are two emotions which can overrule a trader’s rational mind, and by extension, the financial markets. With...
- Fed tapering intentions muddy GBP/USD outlook: Bank of England governor Mark Carney has a problem. He wants to talk interest rates into staying at low levels,...
4hrs
- CBI Realized Sales: Wednesday, 10:00. This index is based on a survey of retailers and wholesalers, and is an important indicator of consumer spending. The index jumped from +1 to +17 points last month and the markets are expecting more good news in the upcoming release, with an estimate of +20 points.
- BOE Governor Mark Carney Speaks: Wednesday, 11:45. Carney will speak at a conference in Nottingham. Analysts will be monitoring his remarks, looking for some clues as to the BOE’s future monetary policy. A speech which is more hawkish than expected is bullish for the pound.
- Gfk Consumer Confidence: Thursday, 23:01. Consumer Confidence has been improving in recent releases, but remains deep in negative territory. The previous release came in at -16 points and the estimate for the August release calls for a slight improvement, at -13 points. Consumer confidence will have to improve substantially if the UK economy is to get back on its feet.
Live chart of GBP/USD:
1hrly 
- Nationwide HPI: Friday, 6:00. Last month, this housing inflation indicator had its best showing since last August, posting a strong gain of 0.8%. The markets are anticipating a respectable gain of 0.6% in the upcoming release.
- Net Lending To Individuals: Friday, 8:30. This indicator is closely correlated to consumer confidence and spending, as an increase in lending points to consumers who wish to spend more and are comfortable borrowing money. The indicator increased nicely to 1.5 billion pounds last month, up from 1.0 billion. The markets are expecting the upward trend to continue, with an estimate of 1.7 billion pounds for the August release.
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