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.
"Pending orders in 100-pip range are strongly bearish with 69% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5641 and it is represented by weekly PP. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly R1 that is located at 1.5713." The British Pound
"Pending orders in 100-pip range are strongly bearish with 64% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5641 and it is represented by weekly PP. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly R1 that is located at 1.5713." GBP/USD rose slightly,
"Pending orders in 100-pip range are strongly bearish with 61% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5641 and it is represented by weekly PP. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly R1 that is located at 1.5713." After sliding to
"Pending orders in 100-pip range are strongly bearish with 67% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5518 and it is represented by weekly S1. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly pivot point and 55-day SMA that are located
"Pending orders in 100-pip range are strongly bearish with 66% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5590/67 and it is represented by this year's low and weekly S1. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly pivot point that is
"Pending orders in 100-pip range are strongly bearish with 68% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5590/67 and it is represented by this year's low and weekly S1. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly pivot point that is
"Pending orders in 100-pip range are strongly bearish with 68% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5585/67 and it is represented by this year's low and weekly S1. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly pivot point that is
The British Pound added 0.5% against the US Dollar yesterday, prolonging its weekly gain. Yesterday's movements were mostly dictated by the manufacturing data that were released in UK and US. The US manufacturing sector growth slowed in November to its lowest rate since January, while indicators of new orders and output also declined to their lowest levels since the beginning