GBP/USD continues to rally, as the pound jumped about 100 points last week. The pair closed at 1.5431. This week’s major event is Retail Sales. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD. The UK posted strong job numbers last week and this was enough to overcome the weak negative UK CPI. All in all, the economy in Britain looks OK. This, combined with poor retail sales and weak manufacturing data out of the US helped the pound continue to rally last week. [do action=”autoupdate” tag=”GBPUSDUpdate”/]GBP/USD graph with support and resistance lines on it. Click to enlarge: Rightmove HPI: Sunday, 23:01. This indicator provides a snapshot of the level of activity in the UK housing sector. The index bounced back in September with a respectable gain of 0.9%. BOE Governor Mark Carney Speaks: Tuesday, 10:00. Carney will testify before the Treasury Select Committee in London. Any clues as to future interest rate moves could have a strong impact on the movement of GBP/USD. Public Sector Net Borrowing: Wednesday, 8:30. The indicator has posted monthly deficits for most of 2015. In August, the indicator posted a deficit of GBP 11.3 billion, well above the estimate of GBP 8.7 billion and marking the highest deficit recorded in 2015. Another high deficit is expected in the October report, with an estimate of GBP 9.1 billion. Retail Sales: Thursday, 8:30. Retail Sales is the key event of the week and should be treated by traders as a market-mover. The indicator edged upwards to 0.2% in August, matching the forecast. The estimate for September stands at 0.3%. * All times are GMT GBP/USD Technical Analysis GBP/USD opened the week at 1.5320 and touched a low of 1.5199. The pair then reversed directions, climbing to a high of 1.5509, as it tested resistance at 1.5485 (discussed last week). The pair closed the week at 1.5431. Live chart of GBP/USD: [do action=”tradingviews” pair=”GBPUSD” interval=”60″/]Technical lines from top to bottom With the pound moving to higher levels, we start at higher levels: 1.5909 has held firm in resistance since June. 1.5825 was an important cap in November 2014. 1.5769 is the next resistance line. 1.5682 was a key resistance line in December 2014 and January 2015. 1.5590 is the next line of resistance. 1.5485 was a cap in the first half of September. 1.5341 was tested again this week. It is an immediate support line. 1.5269 has strengthened in support as the GBP/USD trades at higher levels. 1.5163 is the final support level for now. I am neutral on GBP/USD The US may be moving away from a rate hike in 2015, and this could boost rival currencies such as the pound. Still the US economy is stronger than that of the UK, and weak global conditions may lead to more investors seeking safety with the US dollar and ditching the British pound. In our latest podcast we analyze Varoufakis’ 4 problems and 4 solutions, and more Follow us on Sticher or on 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 ForecastMajorsWeekly Forex Forecasts share Read Next EURJPY Remains At Risk Below The 136.96/137.44 Area FX Tech Strategy 7 years GBP/USD continues to rally, as the pound jumped about 100 points last week. The pair closed at 1.5431. This week's major event is Retail Sales. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD. The UK posted strong job numbers last week and this was enough to overcome the weak negative UK CPI. All in all, the economy in Britain looks OK. This, combined with poor retail sales and weak manufacturing data out of the US helped the pound continue to rally last week. 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