Should we keep a close eye on the direction of the GBP/USD pair, which keeps hitting new lows this year?

Should we keep a close eye on the direction of the GBP/USD pair, which keeps hitting new lows this year?

02.09.2022

U.S. currencies rose yesterday after the U.S. ISM Manufacturing Index for August, released yesterday, came in at 52.8—matching the previous reading and defying market expectations.GBP/USD fell by approximately 120 pips from 1.1620 to 1.1498. GBP/USD has continued to hit new lows this year and is now just a hair’s breadth away from the March 2020 low of 1.1433, so traders should also watch for price movements ahead of the announcement of the UK’s new party leader early next week.

Among European currencies, the pound held its ground against the lackluster Oceania currencies, with GBP/AUD trading in a range between 1.6910 and 1.7032.With crude oil prices falling for the third consecutive day and Oceania currencies trading weakly, the slightly weaker pound managed to gain a slight upper hand. While GBP/AUD is forming a range-bound market on the 4-hour chart, it has been raising its lows, so we will be watching for upward momentum heading into European trading hours.

Today, during Asian trading hours, Germany’s trade balance will be released at 15:00, followed by Switzerland’s second-quarter non-agricultural employment figures at 15:30, and France’s, and during European trading hours at 17:00, Norway’s unemployment rate; at 18:00, the Eurozone’s Producer Price Index; at 21:00, Brazil’s industrial production; and during U.S. trading hours at 21:30, Canada’s Q2 labor productivity index and U.S. employment statistics; and at 23:00, the U.S. manufacturing orders index. We will be closely watching the direction of the GBP/USD pair, which continues to hit new lows this year.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?