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The Cable was the most volatile currency pair during the last trading week. The pair started a new week at 1.5651 and the Pound showed a negative tendency just after the market was opened. The Pound fell against the US Dollar on Friday, reaching the 1.5639 level and closing on 14-month lows due to fall in oil prices, which followed the OPEC's decision not to cut output quotas last Thursday. Meanwhile, manufacturing PMI in the UK has slightly increased after solid domestic demand offset weaker orders from overseas markets. The data was better than forecasted and also higher than the previous month. The Purchasing Managers' Index rose to 53.5 in November from 53.3 a month earlier. Official data confirmed that UK's third quarter growth was in line with the preliminary estimates released in October and the second estimate GDP stayed the same at 0.7%. Concerning American side, US economy continues strengthening even after completion of the US Federal Reserve's quantitative easing program, signifying the Central Bank's confidence in the domestic economy.
During December 1-5 time period, Dukascopy Community members assume this currency pair will slump further, since more than 57% of all votes are bearish. As predicted by traders, the GBP/USD may close around the 1.568 level this Friday. Market participants can pay attention to the BoE interest rate decision and asset purchase facility volumes on Thursday, while consumer inflation expectations will be released the next day. In addition, the UK Chancellor of Exchequer George Osborne is preparing to deliver his Autumn Statement on Wednesday. US statistics, in turn, is likely to show the non-farm payrolls and the unemployment rate on Friday.
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