Friday’s Nationwide HPI supplied more fuel for the Pound, which is now aiming for 1.62. All in all, it was a succesful week for the British Pound, which sees major resistance at 1.67. A roundup of this last week of May. British Indicators Earlier this week, indicators were negative, but the Pound didn’t always react to them as expected.Here’s the initial outlook from the beginning of the week: Pound at New Ground – What’s Next? Now, let’s see what really happened: BBA Mortgage Approvals: They were somewhat disappointing, and rose only to 27.7K, less than 29.1K that was expected. Despite this, the Pound went higher. See my coverage: Pound at Higher Ground – The Road North is Open. But later on, the Pound retraced some of the gains, and took a dive under 1.60. CBI Realized Sales: Also disappointing. Although a fall was expected, -17 was bad. But the Pound went higher. GfK Consumer Confidence: Here, the figure was slightly under expectations, remaining at -27 instead of rising. Nationwide HPI saw an increase of 1.2% in prices of UK homes. This was a major surprise: expectations were for a fall of 0.9%, and this surprise fueled the Pound’s gains. GBP/USD now trades at 1.6153. It was already quite close to 1.62. So, this week, the GBP/USD was more influenced from fluctuations in the US dollar than events related to the Pound. Only on Tuesday, the Pound stood out and made a gain when other currencies were stuck. Friday’s move was in line with other currencies. Also EUR/USD, USD/CHF and other pairs went against the dollar. For a coverage of this crucial week for the greenback, read Dollar Retreats On All Fronts – Week’s Roundup. Technical Outlook for the Pound As aforementioned, major resistance for cable appears only at 1.67. Till then, the road is open. It seems that if nothing spectacular happens, the Pound will continue the upward trend. Week by week, nice and steady, the road north is wide open. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex NewsOpinions share Read Next Forex Reads for the Weekend – May 30 2009 Yohay Elam 12 years Friday's Nationwide HPI supplied more fuel for the Pound, which is now aiming for 1.62. All in all, it was a succesful week for the British Pound, which sees major resistance at 1.67. A roundup of this last week of May. British Indicators Earlier this week, indicators were negative, but the Pound didn't always react to them as expected.Here's the initial outlook from the beginning of the week: Pound at New Ground - What's Next? Now, let's see what really happened: BBA Mortgage Approvals: They were somewhat disappointing, and rose only to 27.7K, less than 29.1K that was expected. Despite… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.