And, considering the outlook for growth and interest rates, the immediate future looks bleak for this once high-flying currency.
The concern this week for US currency traders is the prospects for interests in the UK for the best part looking forward over the next few years. Markets are pushing the barriers at the moment and that is likely to continue while economic data released is beginning to also come back into play.
Today is a bit bleak on that front but we have GBP inflationary data out tomorrow with CPI and retail price. Given that this is the first set of data since the rate cut, it is a reading which will not give us very much to go on that we don't already know.
However it sure to have an impact one way or another in these nervous markets and we suspect that resistance levels will be tested again while volatility will be a beast this week with very high importance data on the agenda for the US as well.