A volatile week ended with a disappointment – weak British growth. Now, the Pound expects a relatively light week, with a few housing figures standing out. Here’s an outlook for the British events and an updated technical analysis for GBP/USD, two weeks before the elections. GBP/USD chart with support and resistance lines marked. Click to enlarge: The past week saw rising inflation and later an improvement in jobs – all positive figures for the Pound – but the Pound is indirectly affected also by the Greek troubles and every economic indicator is interpreted in the context of the elections – a complication of the political situation isn’t Pound-positive. OK, let’s start: BBA Mortgage Approvals: Published on Tuesday at 8:30 GMT. The British Bankers Association accumulates data from its members – about two thirds of mortgages. This is a good gauge for the housing sector. After reaching a peak of 45,700 monthly approvals, they fell to the area of 35,000. This goes hand in hand with a pause in the rise of house prices. A rise to 39,300 is predicted now. CBI Realized Sales: Published on Tuesday at 10:00 GMT. The Confederation of British Industry has shown that retailers and wholesalers expect a higher volume of sales in the past two months. The positive score of 13 will probably be followed by a better one – 16. This tends to shake the Pound. Nationwide HPI: Published on Thursday at 6:00 GMT. Britain’s second earliest report on house prices showed that prices dipped by 0.8% two months ago, but then made a recovery. They’re now predicted to rise by 0.4%. The housing sector weighed on the whole economy during the crisis. GfK Consumer Confidence: Published on Thursday at 23:00 GMT (midnight UK). A week before the general elections, this consumer survey is expected to rise from -15 to -14. It probably reflects the situation quite well – improving but negative. GBP/USD Technical Analysis The Pound began the week with a big gap – it fell as low as 1.5195 before climbing back above the pivotal 1.5350 line, peaking at 1.5472 and closing at 1.5370, 10 pips higher than last week. I’ve added a few lines on top of last week’s outlook. The current range for the Pound is 1.5350 to 1.5520 – which was a peak two weeks ago, and also worked as a support line in the past. Looking up, the next line of resistance is very strong – 1.5833 – the failure to break this line sent the Pound down in recent months. Above, 1.6260 is a distant resistance line. Below, 1.5195, the past week’s low provides immediate support. It’s followed by a stronger line at 1.5120 – a line that held the pair a few times in recent weeks. Lower, 1.4975 is the next minor support line, and it’s followed by the year-to-date low of 1.4780 – also a support line in the past. A break of this line will lead the pair towards 1.44, but that’s too far now. I remain neutral on GBP/USD. Inflation and employment are on the rise, but the economy’s growth rate is too slow. Also politics contribute to the high volatility, but not to a choice of direction. We’ll probably see lots of action, but no long term moves till the elections. Further reading: For a broad view of all the week’s major event in all currencies, read the forex weekly outlook. For the Euro, read the EUR USD Forecast. For the Australian dollar, read the AUD/USD forecast. For USD/CAD, check out the Canadian dollar forecast. For the kiwi, here’s the NZD/USD forecast. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. GBP USD Forecast share Read Next EUR/USD Outlook – April 26-30 Yohay Elam 11 years A volatile week ended with a disappointment - weak British growth. Now, the Pound expects a relatively light week, with a few housing figures standing out. Here's an outlook for the British events and an updated technical analysis for GBP/USD, two weeks before the elections. GBP/USD chart with support and resistance lines marked. 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