GBP/USD continued to slide, as the pair fell for a third straight week, losing 210 points. GBP/USD closed at 1.2278, its lowest weekly close since late October. There are only three events this week. Here is an outlook for the highlights of this week and an updated technical analysis for GBP/USD. In the US, GDP third quarter growth beat expectations with an excellent reading of 3.5% but durable goods orders were mixed. Consumer confidence also looked sharp, rising for a second straight month. In the UK, Final GDP came in at 0.6%, above the forecast of 0.5%. [do action=”autoupdate” tag=”GBPUSDUpdate”/]GBP/USD graph with support and resistance lines on it. Click to enlarge: BBA Mortgage Approvals: Wednesday, 9:30. The indicator improved to 40.9 thousand in October, above the forecast of 38.8 thousand. The upswing is expected to continue in November, with an estimate of 41.6 thousand. Nationwide HPI: Thursday, 7:00. In November, the index edged up to 0.1%, shy of the forecast of 0.2%. The estimate for the December report stands at 0.2%. Housing Equity Withdrawal: Friday, 9:30. The indicator showed an upsurge in loans in Q2, with a reading of GBP -12.6 billion. This was much higher than the estimate of GBP -5.4 billion. The estimate for Q3 is GBP -11.1 billion. * All times are GMT GBP/USD Technical Analysis GBP/USD opened the week at 1.2487 and quickly climbed to a high of 1.2502, as resistance held at 1.2512 (discussed last week). It was all downhill from there, as the pair dropped to a low of 1.2228. GBP/USD closed the week at 1.2278. Live chart of GBP/USD: Technical lines from top to bottom With GBP/USD posting sharp losses, we begin at lower levels: 1.2674 was a cap in November. 1.2512 was tested in resistance early in the week before the pair posted sharp losses. 1.2311 has switched to a support role. It is an immediate line. 1.2201 follows in support. 1.2080 is protecting the symbolic 1.20 level. 1.1943 is the final support line for now. I am neutral on GBP/USD. Trading volumes are usually light the week of Christmas and there are only a handful of major events on the calendar. So, we’re unlikely to see any significant move from the pair. Our latest podcast is titled What will move markets in 2017 Follow us on Sticher or iTunes Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For the kiwi, see the NZD/USD forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. For the Canadian dollar (loonie), check out the USD to CAD forecast. 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 ForecastMinorsWeekly Forex Forecasts share Read Next Should you take your Forex spread fixed or variable? Yael Warman 6 years GBP/USD continued to slide, as the pair fell for a third straight week, losing 210 points. GBP/USD closed at 1.2278, its lowest weekly close since late October. There are only three events this week. Here is an outlook for the highlights of this week and an updated technical analysis for GBP/USD. In the US, GDP third quarter growth beat expectations with an excellent reading of 3.5% but durable goods orders were mixed. Consumer confidence also looked sharp, rising for a second straight month. In the UK, Final GDP came in at 0.6%, above the forecast of 0.5%. [do… 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.