GBP/USD Sees Further Weakening Of The Pound

Last week saw the GBP/USD pair weaken towards the end of the week falling to a low of 1.6291 before rising slightly to close the week at 1.6329. The pair has been steadily weakening for the past few months since hitting a high of 1.7159 at the beginning of July.

Despite some good data coming out of the UK last week, the Pound has been performing poorly. This is partly due to the fact that there will not be a rise in interest rates this year and also due to the Bank of England’s inconsistency. It is unlikely that the Pound will stabilise before the vote on Scottish independence on 18th September.