GBP/USD Plunges 2.5% in Largest Weekly Drop Since May

The British Pound has suffered its largest weekly drop since May after falling nearly 2.5% from its August high.

The decline gathered momentum through September, weakening the near-term technical picture and bringing GBP/USD to an important inflection point.

With the major central-bank decisions behind us, attention shifts toward incoming growth data for clues on whether the current weakness has further to run. The flash Manufacturing and Services PMI figures are due from both the UK and U.S. next week, offering a read on economic momentum.