The British pound had a rare off week, as GBP/USD was down 130 pips, closing the week at 1.6141. The upcoming week is very busy, with ten releases, including Manufacturing Production and PPI Output. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.
The pound lost ground against the dollar, as the Services and Manufacturing PMI readings both were below the markets expectations. As well, HPI data continues to point to a weak housing sector, as consumers continue to be cautious about making major purchases, such as a new house.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-may-7-11/"]GBP/USD Outlook May 7-11[/URL][/I][/B]
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