GBP/USD lost ground last week, and the pair closed the week below the 1.24 line for the first time since early April. With no major British indicators this week, U.S. events can be expected to have a magnified effect on the pair. Key British indicators were mostly positive last week, but this wasn’t enough as the pound lost ground. Wage growth climbed 3.4%, marking a 3-month high. Unemployment rolls jumped by 38.0 thousand, much higher than the estimate of 18.9 thousand. CPI remained unchanged at 2.0%, while the core reading was also unchanged, at 1.8%. Retail sales sparkled, with a gain of 1.0%. This easily beat the estimate of -0.3%. In the U.S., durable goods orders rebounded nicely in June. The headline reading gained 2.0%, crushing the estimate of 0.8%. Core durable goods orders jumped 1.2%, easily beating the estimate of 0.2%. The week wrapped up with Advance GDP for Q2, which dropped to 2.1%. Still, this beat the estimate of 1.8%. The markets are eyeing the Federal Reserve, with the CME Group pricing a rate cut at 78%. This would mark the first rate cut since 2008. GBP/USD daily graph with resistance and support lines on it. Click to enlarge: CBI Industrial Expectations: Tuesday, 10:00. Manufacturers remain pessimistic, as the Confederation of British Industry survey has been slowing since the start of the year. The June reading of -15 is expected to be repeated in the July release. High Street Lending: Wednesday, 8:30. The number of new mortgages approved by the major banks has been fairly steady. The indicator dipped to 42.4 in May and is expected to rise slightly, with a forecast of 42.7. CBI Realized Sales: Thursday, 10:00. Sales volume plummeted in June, with an abysmal reading of -42. The markets had predicted a flat zero. Will we see an improvement in July? GBP/USD Technical analysis Technical lines from top to bottom: 1.2850 capped recovery attempts in late November. 1.2728 is the next resistance line. 1.2660 (mentioned last week) has some breathing room in resistance after losses by GBP/USD this week. This is followed by 1.2590. 1.2535 has switched to a resistance role. Next is 1.2420, which is providing support. 1.2330 has provided support since March 2017. The round number of 1.22 was an important support level in December 2016. 1.2080 is the final support line for now. I am bearish on GBP/USD The pair has headed south in July, and the downward trend could continue. Boris Johnson will have his work cut out for him when he takes over as Prime Minister this week, succeeding Theresa May. His hard stance on Brexit will not gain him any friends in Brussels, and the uncertainty over Brexit could take its toll on the British pound. Follow us on Sticher or iTunes Further reading: EUR/USD forecast – for everything related to the euro. USD/JPY forecast – projections for dollar/yen AUD/USD forecast – predictions for the Aussie dollar. USD/CAD forecast – Canadian dollar analysis Forex weekly forecast – Outlook for the major events of the week. Safe trading! Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher GBP USD ForecastMajorsWeekly Forex Forecasts share Read Next USD/CAD Forecast July 22-26 – Canadian dollar continues to drift Kenny Fisher 4 years GBP/USD lost ground last week, and the pair closed the week below the 1.24 line for the first time since early April. With no major British indicators this week, U.S. events can be expected to have a magnified effect on the pair. Key British indicators were mostly positive last week, but this wasn't enough as the pound lost ground. Wage growth climbed 3.4%, marking a 3-month high. Unemployment rolls jumped by 38.0 thousand, much higher than the estimate of 18.9 thousand. CPI remained unchanged at 2.0%, while the core reading was also unchanged, at 1.8%. Retail sales sparkled, with… Regulated 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.