It was another awful week for GBP/USD, which plummeted almost 250 points. The pair closed the week at 1.5164, its lowest weekly close since May. This week’s highlight is Manufacturing Production. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD.
In the US, employment numbers were mixed, which only complicates things for the Fed, as it mulls over a rate hike. Much of the pound’s slide last week can be blamed on the PMI reports, as all three PMIs were short of the forecast and Services PMI was well below expectations.
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