Forex: GBP/USD posts second consecutive weekly loss

Despite several recovery attempts, the GBP/USD has remained capped below the 1.5320 area on Friday and was confined to a phase of consolidation ahead of the weekend. GBP/USD is on track to close the day unchanged around 1.5250, but with a weekly loss of 1.7%, the second in a row.

The pound came under pressure this week amid downgrade rumors and after the BoE minutes showed more members than expected voted in favor of increasing the QE amount to boost the struggling economy.

Next week, the second Q4 GDP estimate will be released and is likely to remain unchanged from the initial estimate of -0.3% q/q (0.0% y/y).