GBP/USD falls to 1.7000

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The GBP/USD pulled back further during the American session and bottomed at 1.7000. Currently trades at 1.7010/15, down 0.16% for the day, rebounding and giving some signs of stabilization after moving with a downside bias since European hours.

Cable is about to post the first weekly close against the US dollar above the 1.7000 mark since October 2008. Greenback was among the worst performers during the week while the Pound rose further on the back of economic data and also on monetary policy expectations.

Next week calendar for the GBP

The main events next week for the Pound will be on Thursday with the presentation of the Financial Stability Report and on Friday with GDP data from the United Kingdom.

“Next week includes a variety of UK event risk, most notably the Financial Policy Committee's will release its recommendations following its June 17th meeting. At the Mansion House event, Chancellor Osborne announced increased flexibility for the BoE's FPC to tackle imbalances in the housing market. That may mean new macroprudential measures are coming sooner rather than later”, said the RBS Strategy Team.

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