GBP/USD exchange rates fall again

Arron Morris Currency Broker - GBP/USD exchange rates fall againWritten by
Arron Morris
Senior Currency Broker
T: 01442 892 065

After falling over two cents yesterday the pound continued to slide against the US dollar during today’s session, hitting a low of $1.4463.

Today’s decline means the GBP/USD cross has now fallen almost three cents against the dollar since the bank holiday weekend, as fears over the state of UK economy and the potential ‘Brexit’ continue to weigh heavily on value of the pound.

GBP/USD one week exchange rate graph

GBP/USD one week exchange rate graph

The UK economy received another blow this morning after the latest Construction PMI figures confirmed the sector had grown at its slowest pace since July 2013. The figures released by Markit showed the Construction PMI at 52.0 (a reading over 50.0 indicates growth) against a forecast level of 54.1.

Coupled with yesterday’s disappointing manufacturing numbers, it certainly seems the UK economy is on the back foot, and with the EU referendum now only weeks away there is every chance the pound could lose even more ground before the 23rd June.

The latest poll conducted by ICM showed the ‘remain’ camp just ahead with 45% of the vote, with the ‘leave’ camp only 1% behind on 44%.

Recent polls had suggested the ‘remain’ campaign were pulling ahead but the latest ICM survey has once again increased the level of uncertainty. If we see the leave camp nudge ahead in the coming weeks then we could easily see GBP/USD continue to fall and test the $1.40 level we witnessed last month.

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As a specialist currency broker I can not only help you achieve a rate of exchange up to 5% better than those offered by the high-street banks, I can also look to assist you with the timing of your transfer.

For more information about how I can help or to find out what rate of exchange I can offer, complete the contact form on the right-hand side of the page or call me directly on 0044 (0) 1442 892 065.

Arron Morris
Senior Currency Broker
T: +44 (0) 1442 892065