BritainIt's a big week for the UK, with inflation taking centre stage on Wednesday before shifting attention to the Autumn Statement on Thursday.UK headline inflation accelerated to 11.1 per cent from 10.1 per cent in September, the highest level in 41 years. The research team highlighted the following points after the release:CPI (Consumer Price Index) inflation rose 2.0% month-on-month, up from 0.5% in September. The core figure, which excludes food, energy, alcohol and tobacco, was up 6.5 per cent year on year, unchanged from September. Higher than expected headline inflation highlights the likelihood that the Bank of England, which next meets on December 15, will raise interest rates further. Note that the central bank raised the bank rate by 75 basis points to 3.0% on November 3. According to futures markets, there is now an 82.0% chance that the boe will raise rates by 50 basis points at its next meeting and an 18.0% chance that it will raise rates by another 75 basis points.The Office for National Statistics (ONS) said:By October 2022, households were paying on average 88.9% more for electricity, gas and other fuels than a year earlier. Domestic natural gas prices increased the most, with prices in October 2022 more than double what they were a year earlier.The Autumn Statement is another key event this week, causing the pound to seek to move lower; Complete speech can be found here: https://www.gov.uk/government/speeches/the-autumn-statement-2022-speech. The key points of the Office for Budget Responsibility (OBR) are as follows:· Britain is now in recession.· The economy is forecast to contract by 1.4% in 2023.· The unemployment rate will rise from 3.6% to 4.9% by 2024.AmericaIn the US, this week's PPI (producer price index) data was weak; The research team noticed the following shortly after publication:According to the Bureau of Labor Statistics, the U.S. producer price index rose 8.0 percent in October from a year earlier, compared with an 8.4 percent increase in September. Core PPI inflation rose 5.4 per cent year on year in October, following a 5.6 per cent rise in September. That adds to growing signs that inflation is fading and could lead the Federal Reserve to start slowing its aggressive tightening policy. In the foreign exchange space, the news immediately guided the US dollar lower, supporting various G10 currencies such as the euro, sterling and Australian dollar.In terms of retail sales, which are used to measure consumer spending, we saw an increase of 1.3% month-on-month and 8.3% year-over-year in October (previous year [October 2021] was 8.6%)).Another notable release was Friday's Conference Board Leading Economic Index (LEI), which showed a 0.8% decline in October. The Conference Committee observed that the LEI declined 3.2 percent in the six-month period from April 2022 to October 2022, reversing from the 0.5 percent increase in the previous six months."The U.S. LEI declined for the eighth consecutive month, indicating that the economy may be in recession," said Ataman Ozyildirim, senior director of economics at the Conference Board. The decline in the LEI reflects the deteriorating outlook for consumers in the face of high inflation and rising interest rates, as well as declining prospects for home construction and manufacturing. The Conference Board forecasts real GDP growth of 1.8 percent year-over-year in 2022, with a recession likely to begin around the end of the year and last until mid-2023.Energy: Oil prices fell 10 percentOil prices plunged last week, falling nearly 10%, dragged down by a number of global factors. The Organization of the Petroleum Exporting Countries (OPEC) has slightly lowered its forecast for oil demand based on growing economic challenges, including rising global inflation and interest rates.According to the technical chart study, which emphasizes the daily double top form completion (see below), there are other underperformance issues.Coming weekWith the UK Autumn Statement, Wednesday's flash UK PMI will be a key indicator to monitor. The purchasing managers' indices for both manufacturing and services are expected to fall further, reflecting recession fears.In the US, the focus will be on Fed speakers, durable goods data and US PPI flashes, as well as Wednesday's FOMC minutes. Please note that U.S. banks will be closed on Thursday for Thanksgiving.In Europe, there will be German PPI inflation data on Monday, flash euro zone purchasing managers' indices on Wednesday, and a number of ECB speakers throughout the trading week. Germany's ifo business climate survey is also due on Thursday.Technical views for the week aheadUS Dollar Index: indicates the US dollar indexThe dollar index, the value of the greenback against six major currencies, is down 4.1 percent so far this month, its biggest monthly decline since 2010.Technically, the monthly time frame shows a 7-year interval formed between 2017 and April 2022 (establishing the pennant chart pattern [regarded as a continuation signal], taken from 103.82 and 88.25), with April breaching its ceiling. While this is a bullish continuation signal (morphological profit target stands at 134.40), a negative divergence from the monthly chart Relative Strength Index (RSI) suggests a possible retest of the breakout pennant line. Another upside target to note before shaking hands with 134.40 is Qasimodo monthly resistance at 119.07.Turning to the daily time frame, buyers and sellers continue to circle around the support level between 105.82 and 106.47 (a Fibonacci cluster of multiple Fibonacci ratios [not that a 50% retracement is not a Fibonacci ratio]). This, along with adjacent Quasimodo formations from 105.05 and the 200-day Simple Moving average (105.06), remains the dollar's floor for the week.The Relative Strength Index (RSI) hit its lowest level since April 2021, threatening oversold conditions that coincided with the indicator channel support starting from a low of 47.90.Those of you who read last week's edition may remember the following text (in italics) :In terms of the trend direction of the dollar, we have now witnessed the formation of several lower lows/highs since the dollar index hit a high of 114.78 in late September. This indicates a downward trend, although it is too early to make an estimate given the upward trend since June 2021 (also, see the upward trend on the monthly chart for 2008).Therefore, the overall technical study this week focuses on the 105.05-106.47 support, which correlates with the 200-day moving average. Of course, a move beyond that structure would add to the early downtrend seen recently.DXYGBP/USD: GBP/USD remains at key weekly resistance levelsAlthough the pound ended the week little changed (+0.5%), the research team believes the pair deserves another mention.Recent analysis highlights the following (in italics) :The weekly resistance level is a prominent technical observation point at $1.1990 tested last week and is located south of the bottom of another weekly resistance level at $1.2263. You will also note that in the weekly time frame, the downward trend is still evident (since the beginning of 2021) despite the pair's sharp pullback of nearly 16% from the all-time low of $1.0357.GBPLooking at the daily time frame, the additional resistance is located near $1.2052, consisting of the 50% retracement level of $1.2052, the 100% forecast level of $1.2073, and the 1.272% Fibonacci forecast level of $1.2078 (1.272 comes from the square root of 1.618, $1.2078). That is, the inverse of 0.618). You will also acknowledge that above the above resistance structure, the 200-day simple moving average is at $1.2221. So, between the simple moving average and known resistance, this could be the area that attracts sellers this week.As for the Relative Strength Index (RSI) of the daily chart, this indicator is located north of the 50.00 center line, indicating that the average market participant has risen more than the average decline (positive momentum). As a result, oversold areas may be achieved this week, in line with the daily resistance area mentioned above.GBPXAU/USD: Gold respects resistanceDaily scheduleThe precious metal ended the week down 1.2% against the dollar, paring some of the previous week's eye-popping 5.4% gain. The resistance between $1,789 and $1,778 (consisting of two Fibonacci ratios and the Quasimodo resistance at $1,788) ushered in price action last week, which subsequently triggered a modest sell-off. The 200-day simple moving average is unchallenged (hovering above resistance at $1,802), with support at $1,725 in focus this week and decision levels at $1,701- $1,722.In terms of trend, the research team noted in a recent analysis that although the price broke the trend line resistance level (etched from the high of $2,070), it may need to close above the August 10 high of $1,807 to validate a trend reversal based on the price structure. In the Relative Strength Index (RSI), the value of the indicator marked the lower side of the overbought space in recent trading (did not touch channel resistance [from the high 59.51]) and seemed poised to hit the indicator support at 60.00 for the glove week.Considering the chart study, sellers have the upper hand for the time being, targeting decision points around $1,701- $1,722. It is also at this point, assuming yellow metal tests the area, that buyers may try to make a show of it.GOLDOil (WTI) : Double top form completed (Neck line break)Daily scheduleWTI crude oil prices fell nearly 10% last week, marking their biggest weekly decline since August. From a technician's point of view, this decorates the daily chart with a clear double top pattern that forms from below the resistance level located at $93.58. The neck line of this form ($82.10) broke out on Friday, leading to a one-week low of $77.24. As a