Initial claims in the United States increased slightly to 245,000 in the most recent week. Data on business activity showed that the world’s biggest economy was still strong. British earnings increased more quickly than predicted last month. The GBP/USD weekly forecast is slightly bearish as the UK economy suffers amid high inflation while the Fed prepares to hike rates in May. –Are you interested in learning more about STP brokers? Check our detailed guide- However, high Uk inflation might lead to a bigger BOE hike supporting the pound. Ups and downs of GBP/USD Initial claims in the United States increased slightly to 245,000 in the most recent week, indicating an easing labor market. However, data on business activity showed that the world’s biggest economy was still strong. It backed expectations that the Fed will lift rates in next month’s policy meeting. Inflation in Britain is proving to be far more persistent than anticipated. It is significantly higher than everywhere else in Western Europe. British earnings increased more quickly than predicted last month. Economists say it may push the Bank of England towards raising interest rates again next month, despite an unexpected unemployment rate jump. The pound dropped on Friday after economic statistics revealed that British consumers are buckling under the weight of inflation. Next week’s key events for GBP/USD GBP/USD weekly key events Investors will focus on data from the US next week. More attention will be given to the GDP numbers and the core PCE index. Get FREE Forex Signals Now! The GDP numbers will show the state of the economy amid worries about a recession. The core PCE is the Fed’s preferred measure of inflation and might influence the Fed’s next move. GBP/USD weekly technical forecast: Bears face strong support at the 22-SMA GBP/USD weekly technical forecast chart GBP/USD has pulled back to retest the 22-SMA support in the daily chart. This is also where the 1.2401 level is, making a strong support zone. The bullish bias is strong because the price has traded above the 22-SMA with the RSI above 50. –Are you interested in learning more about forex robots? Check our detailed guide- The bullish move, however, stopped at the 1.2524 resistance level, where bears returned for a retracement move. Bears made a strong candle that might lead to a break below the SMA. However, given the bullish bias, there is a high chance that the price will push higher to retest 1.2524. A break above this resistance would strengthen the bullish bias. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal GBP USD Forecast share Read Next USD/CAD Weekly Forecast: Dollar Recovers Amid Upbeat PMI Data Saqib Iqbal 1 month Initial claims in the United States increased slightly to 245,000 in the most recent week. Data on business activity showed that the world's biggest economy was still strong. British earnings increased more quickly than predicted last month. The GBP/USD weekly forecast is slightly bearish as the UK economy suffers amid high inflation while the Fed prepares to hike rates in May. -Are you interested in learning more about STP brokers? Check our detailed guide- However, high Uk inflation might lead to a bigger BOE hike supporting the pound. Ups and downs of GBP/USD Initial claims in the United States increased… 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.