GBP/USD soared last week, gaining 250 points. The pair closed at 1.3015, the first weekly close above the 1.30 level since May. This week’s highlights are the PMI reports. Here is an outlook for the highlights of this week and an updated technical analysis for GBP/USD.  

The pound jumped after BoE Governor Mark Carney left open the door to interest rate increases, in comments made at the ECB forum in Portugal. British Final GDP weakened, posting a small gain of 0.2%. Still, this matched the forecast. In the US, Final GDP in Q1 was revised upwards to 1.4%, above the estimate of 1.2%. In the US, the Fed sounded more skeptical about inflation picking up. Is the Fed having second thoughts about a third rate hike in 2017?

Updates:

GBP/USD graph with support and resistance lines on it. Click to enlarge: