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The surging US dollar pummelled the British pound this week, as GBP/USD lost around 260 pips, closing just above the 1.58 line, at 1.5807. The upcoming week is very busy with 10 releases, including CPI and Retail Sales. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.

Last week’s UK employment data was positive, but of little help to the pound, which has shed around five cents in the month of May. Trade Balance figures were weak, and the turmoil and instability spreading through the Euro-zone is giving a strong push to the dollar.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-may-21-25/"]GBP/USD Outlook May 21- 25[/URL][/I][/B]

Dollar/yen fell off a cliff as safe haven flows poured into the yen. Will we see an intervention at these levels? The rate decision isthe major event for this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.

Japan’s preliminary gross domestic product figures were better than predicted in the first quarter of 2012 jumping 1.0% from a flat growth rate in the last quarter of 2011 indicating a nice growth trend in the Japanese economy. The annualized growth is estimated at 4.1% for 2012. Domestic demand was the main cause for GDP expansion.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdjpy-outlook-apr-may-21-25/"]USD/JPY Outlook Apr. May 21- ...

Euro/dollar had a horrible week, with drops accelerating on the certainty of another round of Greek elections, and open talk about a Greek exit of the euro-zone. The pair avoided falling below this year’s lows for now. Are more drops likely, or are we in oversold territory? Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.

Apart from Greece, also Spain is struggling with higher yields (and a bottomless banking sector) and the Italian economy is squeezing quite rapidly. Italy is currently on the back burner due to Spain and Greece, but Italy and its banks could return to the limelight sooner than later. The only good news came from Germany, whose growth saved the euro-zone from technical ...