Since the stock market crash two weeks ago the GBP/USD cross has come under an increased amount of pressure with the currency pair falling almost 4%.
Since the 25th August GBP/USD has slipped from $1.58 to a $1.5169 this morning, before gaining over a cent throughout today's session as you can see from the graph below.
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Not even Friday's weaker than forecast U.S. jobs reading could help the pound claw back some of the ground it has lost in the past two weeks. The number of jobs created last month came in at 173K compared to the predicted level of 215K but did little to dampen the dollar's gains.
It was a report the U.S. Federal Reserve members would have been watching closely as they are due to meet on 16th to discuss the countries future monetary policy. Recent events around the globe have led to speculation the Fed would push back their interest rate decision into early 2016, however, a speech from Richmond Fed President Jeffrey Lacker on Friday has left the door open for the U.S. central bank to take action in nine day's time.
His speech titled, 'The case against further delay' outlined his views as to why the Fed should take action sooner rather than later and stated "it was time to align our monetary policy with the significant progress we have made."
Mr Lacker's comments went some way to shake off the disappointment of the jobs reading and has left investors and markets players eagerly waiting for the Federal Reserve's interest rate decision.
If the Fed do decide that now is the time to hike their benchmark rate we face the possibility of GBP/USD dropping back below $1.50 for the first time since April, great news for those of you looking to sell dollars.
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