GBP/USD had yet another exciting week, with contradicting UK figures and high volatility in the US dollar. Will this continue? The pound faces public appearances by Carney, a revision of GDP and the all-important jobs report. Here are the key events and an updated technical analysis for GBP/USD.
UK inflation remained stubbornly high at 3%, but retail sales badly disappointing by rising only 0.1% in January. The data rocked the pound. The moves in the US dollar were even wilder. US inflation beat expectations, but the dollar soon pared its gains and went into a freefall. It later recovered, but cable close above 1.40.
Updates:
GBP/USD daily graph with resistance and support lines on it. Click to enlarge:
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