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GBP/USD had a busy trading week, with the dollar gaining ground early on. However, the pound rebounded, as the pair closed the week slightly higher, punching above the 1.58 level. The upcoming week has six releases, including revised GDP. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.

There was some positive economic data out of the UK this week, such as the 0.9% jump in retail sales. However, with unemployment stubbornly high at 8.4% and weak activity in the manufacturing and housing sectors, the UK economy is still in trouble.

GBP/USD graph with support and resistance lines on it. Click to enlarge:

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-feb-20-24/"]GBP/USD ...

Dollar/yen is finally on the move. The pair surged higher and touched levels last seen in the summer. Will this continue? Adjusted Merchandise Trade Balance is the highlight of this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.

Last week Japan’s economy shrank by 0.6% in the fourth quarter amid floods in Thailand, the strong yen and global slowdown. The reading came out worse than the 0.3% drop predicted by analysts. This decline together with a first annual trade balance deficit in more than 30 years, conclude a tough year for Japan’s economy. Will Japan’s economy find a path to recovery in 2012?

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdjpy-outlook-february-20-24/"]USD/JPY ...

Euro/dollar dropped to the lowest levels in this month before making a correction in a very choppy week. If everything goes well, the current chapter in the Greek saga will be sealed with the launch of the second bailout program. Later, PMIs and an important German survey are the highlights . Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.

The euro-zone contracted in Q4, as expected. Nevertheless, the contraction is lower than expected, at 0.3%, and France surprised by posting growth. Purchasing managers’ indices will shed light on the current economic situation. Will the recession be mild?

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/eurusd-outlook-february-20-24-2012/"]EUR/USD ...

The Canadian dollar made small gains against the US dollar in a choppy week and managed to reconquer parity. Retail sales figures are the highlight of this week. Here’s an outlook for the Canadian events and an updated technical analysis for the Canadian dollar.

Last week Canada’s inflation gauge edged up unexpectedly in January where CPI rose 0.4% after a 0.6% drop in the previous month and Core CPI gained 0.2% following a 0.5% slide in December. Leading Index also came out better with 0.7% increase while expected to climb 0.6%. Let’s see what is in store for us this week.

USD/CAD daily graph with support and resistance lines on it. Click to enlarge:
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdcad-outlook-february-20-24/"]USD/CAD ...