GBP/USD posted strong weekly gains for the first time in a month, gaining over 200 points last week. The pair closed the week at 1.5425. This week’s highlights are Core CPI and Claimant Count Change. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD. In the UK, there were no surprises from the BOE, which maintained interest rate and QE levels. Market sentiment was positive, though, and the pound posted gains following the BOE announcements. Manufacturing Production disappointed with a decline of 0.8%, well short of expectations. In the US, we had some good employment news from JOLTS Job Openings, but the week ended on a disappointing note as consumer confidence missed expectations. All eyes are now focused on the big event: the all important Fed meeting coming up late this the week. [do action=”autoupdate” tag=”GBPUSDUpdate”/]GBP/USD graph with support and resistance lines on it. Click to enlarge: CPI: Tuesday, 8:30. CPI is the primary gauge of consumer inflation, and an unexpected reading can have a substantial impact on the movement of GDP/USD. Inflation has been practically non-existent for most of 2015, and the July reading came in at 0.1%. The forecast for the August report stands at 0.0%. PPI Input: This indicator measures the change in manufacturing inflation. The index is mired in a slump, having posted three consecutive declines. The July reading came in at -0.9%, better than the estimate of -1.8%. The markets are braced for another poor reading in August, with an estimate of -2.2%. RPI: Tuesday, 8:30. RPI is similar to CPI, but includes housing costs which are excluded from CPI. The index has been one of the bright spots in the UK inflation picture, with three consecutive readings of 1.0%. Little change is expected in the August report, with a forecast of 0.9%. CB Leading Index: Tuesday, 13:30. This minor indicator is based on 7 economic indicators. The index has stumbled, posted two straight declines, with a -0.2% reading in June. Average Earning Index: Wednesday, 8:30. This key event is a leading indicator of consumer inflation. The indicator posted a gain of 2.4% in June, softer than the 3.2% gain recorded a month earlier. The estimate for the July report stands at 2.5%. Claimant Count Change: Wednesday, 8:30. Claimant Count is the most important employment indicator, and can have a strong impact on the movement of GBP/USD. The indicator has posted declines in three of the past four readings, pointing to lower unemployment levels in the UK. Another drop is expected in the August report, with a forecast of 5.1 thousand. The unemployment rate is expected to hold steady at 5.6% in the August release. 10-year Bond Auction: Wednesday, Tentative. The average yield on 10-year bonds remains close to the 2.0 level, as the yield from the August auction was 1.98%. No significant change is expected in the upcoming release. Retail Sales: Thursday, 8:30. Retail Sales is the principal gauge of consumer spending, a key driver of economic activity. The indicator continues to struggle, mustering a weak gain of just 0.1% in July, short of the estimate of 0.4%. Little change is expected in the August release, with an estimate of 0.2%. BOE Quarterly Bulletin: Thursday, 23:05. This BOE report provides market analysis and commentary, and is a minor event as some of report as already been released. * All times are GMT GBP/USD Technical Analysis GBP/USD opened the week at 1.5195 and quickly touched a low of 1.5162. It was mostly uphill from there, as the pair flexed some muscle and pushed to high of 1.5476, as resistance held firm at 1.5485 (discussed last week). The pair closed the week at 1.5425. Live chart of GBP/USD: [do action=”tradingviews” pair=”GBPUSD” interval=”60″/]Technical lines from top to bottom With GBP/USD posting sharp gains last week, we begin at higher levels: 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 remained intact as the pound posted strong gains. It is currently a weak resistance line and could face pressure early in the week. 1.5341 continues to be busy, and has switched to a support role. 1.5269 is next. It was an important support level in March. 1.5163 has some breathing room as a support level. 1.5026 has provided support since April and is the final support line for now. It is protecting the symbolic line of 1.50. I am neutral on GBP/USD. After a disappointing few weeks, the pound reversed directions and posted a strong rally against the greenback. Will the Fed press the rate trigger this week? Even if the Fed plays it safe and doesn’t make a move, hawkish talk from Yellen could bolster the greenback against the pound. In our latest podcast, we prepare you for the Fed decision from all directions Follow us on Stitcher. 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 AUD/USD Forecast Sep. 14-18 Yohay Elam 7 years GBP/USD posted strong weekly gains for the first time in a month, gaining over 200 points last week. The pair closed the week at 1.5425. This week's highlights are Core CPI and Claimant Count Change. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD. In the UK, there were no surprises from the BOE, which maintained interest rate and QE levels. Market sentiment was positive, though, and the pound posted gains following the BOE announcements. Manufacturing Production disappointed with a decline of 0.8%, well short of expectations. 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