The Pound was among the worst performers yesterday, gaining only against the Euro (+1.02%).
Despite there being no explicitly positive news, the Sterling turned out to be the second best performing currency on Wednesday, losing merely 0.03% against the Yen and appeciation 0.73 and 0.68% against the kiwi and Aussie, respectively.
The British Pound turned out to be surprisingly resilient to the yesterday's events. The currency may have underperformed the Yen (-0.43%), but at the same time managed to gain relative to the kiwi (+0.51%) and relative to the Euro (+0.44%).
Despite absence of any explicitly favourable for the Sterling data yesterday, the currency fared well relative to its counterparts, advancing a whole percent against the loonie and 0.76% against the kiwi.
The Sterling was one of the top performers last Friday, gaining 0.75% against the loonied and 0.45% against the greenback on the back of the positive news on the UK production and trade.
In line with expectations the Bank of England kept monetary policy unchanged after its first meeting in 2015, amid cooling inflation, which fell to the lowest level in 12 years, and softer growth at the end of 2014 and going into 2015.
Because of a lack of data on the UK economy yesterday, the Britsh Pound did not exhibit strong momentum, balancing between the gains and losses relative to its major counterparts.
The data on the UK economy still do not give a good reason for the market to change its attitude towards the Sterling, which is being sold-off.
The British Pound underperformed most of its peers amid the continuing string of negative data, staying relatively unchanged only against the Euro and the Swiss Franc, as demand for the former was depressed as a result of disappointing German inflation figure.
The British Pound was Friday's worst performer, losing nearly 1.7% against the best performer, the US Dollar, and 0.19% aganst the second worst performer - Canadian Dollar, as the market reevaluated the probability of the 2015 rate hike by the Bank of England and the fundamental news surprised to the downside.
Understandably, yesterday's changes in the currency pairs were minimal.
As yesterday's news were neither positive nor negative for the British Pound, the currency balanced between the gains and losses.
The British Pound was one of the poorest performers on Monday along with the Japanese Yen, Euro and Swiss Franc.
The Great Britain Pound was able to ouperform some of its peers on Friday, gaining 0.39% against the Swiss Franc, 0.35 against the Euro and 0.22% against the Japanese Yen.
As it turned out, the British Pound failed to capitalise on the positive news. The currency underperformed relative to all its major counterparts except for the US Dollar.
The Sterling underperformed most of its major counterparts yesterday, being hit not only by the negative domestic surprises, but also unexpected positive data.
GBP/USD is gradually moving closer to this year's low at 1.5542 and it might be reached already today if UK's data surprise as to the downside.
In terms of the pair's performance it has not been much different from any other week, since the Pound was outperformed by its American counterpart.
Despite the fact that the pair appreciated yesterday it still has declined on a weekly basis; moreover, it reached the lowest level this year on Wednesday.
GBP/USD dropped 1.12% on Wednesday, as the FOMC meeting boosted the overall confidence towards the US economy and its currency.
GBP/USD rebounded from Monday's dip by adding 0.71% yesterday, despite the UK's inflation falling to the lowest in 12 years.
GBP/USD dipped 0.58% yesterday, as most of the US data were released positive.
The pair is consolidating around the 1.57 mark and it has left the boundaries of the down-trend that dictated the pair's movements since July.
The British currency has been the stronger performer amongst the two; moreover, it has left the down-trend's trading range. Although, to completely break the trend it has to breach the monthly PP at 1.5755. Yesterday the pair continue to advance, despite the surprisingly good retail sales numbers out of US.