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If you remember from last time, we were looking to see if the British pound could achieve something in the region of a $1.66 exchange rate against the US dollar by the end of the week. And this it did, as it managed to snag a rate of 1.6682 at the close of play on Friday evening. But where would we end up just one week later? Could we press for an exchange rate of $1.67 since we were so close to it for starters?

Well Monday evening brought a result that was perhaps rather surprising. By the time the markets closed and trading was over for the day, the pound was standing at 1.6767. So not only had we managed to achieve the $1.66 we had hoped for, we had smashed right through it. The only point to think about now was whether we could hang onto that achievement throughout the rest of the week.

As it turned out Monday started us off in the wrong direction, as by the time the day was over we were standing at 1.6353. So already we had lost out on just over two cents; and since we had added that same amount on through the whole of the week before this wasn’t exactly the start we were looking for.

There was very little to talk about on that first day at any rate, since closing time resulted in an exchange rate of 1.6335. But that first blood had gone to the US dollar, so it would certainly make the rest of the week worth watching. Could the pound pull back and get started on the week properly the next day, or would the dollar pick up pace and pull even further in front?

And once again Wednesday was to turn out well for us. The pound showed its strength throughout the day as the exchange rate swung in our direction. This left us with a figure of 1.6577 against the US dollar by the time the day was out. Once again we were heading in the right direction, but would we keep on going there throughout the next two days, or was there something else in store?

As we stated previously the US dollar slipped against the pound last time, giving us a slightly improved exchange rate of 1.5983 by the end of the day. But which direction would the pound go in next? Would it be able to increase the pressure against the dollar, or would the American currency be back in charge again by the time the week was out?

Well we did start off in the right direction, and in fact Monday turned out to give us a good result. By the time the markets closed that evening, the British pound had managed to improve its standing to 1.5937. So already we were nearly a whole cent up on where we had finished the week before – which had been a week that saw a loss of just over a cent. It was a promising start.

If you have been reading the reports of the last two or three weeks, you will know that the British pound has been going through the mill. Losses across the board against the five major currencies we always take a look at have become almost the norm. Last week’s report saw losses bad enough to make us wonder how low the pound will go. Could we see exchange rates dipping below the $1.50 mark against the US dollar again, for example?

A good start was definitely hoped for, but unfortunately we started off the week in a very bad position indeed. By the time the markets closed on Monday evening we were looking at an exchange rate of just 1.6168. What was happening here? Was the pound going into freefall? We had already lost over a cent and a half, and here we were just one day into the five days of trading we had to come. Could we assume things would get better – or not?

Well Monday didn’t kick us off to a great start. Perhaps predictably we finished the day lower than we had started it, losing more than a cent overall and finishing on 1.6565. Was this the start of a slippery slope that would leave us with a weaker pound by the end of the week, or would we get stronger as the week went on?