British Pound Remains Weak - Will the Downtrend Target 1.97?

While the British pound traded primarily on the whims of the greenback, the release of UK housing data did little to boost the currency as Nationwide home prices plunged 8.1 percent in July from a year earlier.

This was the sharpest decline since at least 1991, adding to the already-abundant list of downside risks for the UK economy. On Friday, the PMI results for the UK manufacturing sector may do the same, as the index is anticipated to slip further below 50, signaling contraction for the third consecutive month.