It was a dismal week for GBP/USD, which plunged almost 300 points. The pair closed the week at 1.5384, its lowest weekly close since early June. This week’s highlights are the PMI reports. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD.
The financial meltdown due to the Chinese stock market crash caused havoc in the currency markets as well, and the pound plummeted as panicky investors sought the safety of the US dollar. In the UK, GDP posted a gain of 0.7% and matched the forecast, but this wasn’t enough to stop the pound’s hemorrhaging.
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