GBP/USD dropped sharply last week, losing 1.1%. There are five events in the upcoming week. Here is an outlook for the highlights and an updated technical analysis for GBP/USD. There were no major British events last week. CBI Realized Sales showed a weak gain of 1 point, after two straight readings of zero. This marked the first gain in 10 months. In the U.S., durable goods orders reports were mixed. The headline figure declined by 0.2%. This beat expectations but was much lower than the gain of 2.4% a month earlier. However, core durable goods orders jumped 0.9%, its strongest gain in seven months. Preliminary (second estimate) GDP came in at 2.1%, confirming the initial estimate. GBP/USD daily graph with resistance and support lines on it. Click to enlarge: Manufacturing PMI: Monday, 9:30. The initial estimate for this index came in at 51.9, beating the estimate of 49.7 points. The second estimate is expected to confirm this figure. Construction PMI: Tuesday, 9:30. The PMI remains mired in contraction territory and came in at 44.4 in December. The index is expected to improve to 48.4 in January. Services PMI: Wednesday, 9:30. The initial estimate for services PMI came in at 53.3, with the second estimate slightly revised lower to 53.2 points. BRC Retail Sales Monitor: Thursday, 0:01. This indicator looks at retail sales in BRC stores. In January, the indicator fell flat at 0.0%, short of the estimate of 0.6%. Will we see gains in February? Halifax HPI: Friday, 8:30. This housing price index slowed to 0.4% in January, down from 1.7% in the previous release. The downtrend is expected to continue in February, with a forecast of 0.3%. GBP/USD Technical analysis Technical lines from top to bottom: We begin with resistance at 1.3170. 1.3075 (mentioned last week) is next. 1.2990 has switched to resistance after sharp losses by GBP/USD last week. 1.2910 was breached in support for the first time since December. 1.2820 is fluid, as the pair ended the week just below this line. 1.2728 is providing support. 1.2616 is next. 1.2535 is the final support line for now. I am bearish on GBP/USD The U.S. dollar continues to post broad gains, boosted by a strong economy and high risk apprehension over the coronavirus. As well, the EU and UK are bickering over their future trade relationship, which is not good news for the 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 Ripple unlocks 1.5 million tokens; XRP/USD not affected FX Street 2 years GBP/USD dropped sharply last week, losing 1.1%. There are five events in the upcoming week. Here is an outlook for the highlights and an updated technical analysis for GBP/USD. There were no major British events last week. CBI Realized Sales showed a weak gain of 1 point, after two straight readings of zero. This marked the first gain in 10 months. In the U.S., durable goods orders reports were mixed. The headline figure declined by 0.2%. This beat expectations but was much lower than the gain of 2.4% a month earlier. However, core durable goods orders jumped 0.9%, its strongest… 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.