GBP/USD regains some lost ground

Arron Morris Currency Broker - GBP/USD regains some lost groundWritten by
Arron Morris
Senior Currency Broker
T: 01442 892 065

After falling one per cent against the dollar yesterday the pound staged a mini recovery over the course of today’s trading session.

In the build up to Bank of England Governor Mark Carney’s testimony in front of the House of Lords Economic Committee yesterday afternoon, the pounds value plummeted with the GBP/USD cross fall to a low of $1.2086.

GBP/USD exchange rate graph

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However, during his speech Carney all but removed the chances of the Bank of England cutting interest rates again in the near future and left the door open for a potential interest rate hike.

Mr Carney stated there were limits to the central banks’ ability to overlook the pounds recent decline and would need to be taken into account when the central bank meet next week.

The pound then received another boost today after a government minister declared that both houses of parliament would need to look over any treaty relating to the UK’s negotiations with the European Union.

The new helped lift the pound across the board and pushed GBP/USD to a two day high of $1.2247.

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Arron Morris
Senior Currency Broker
T: 01442 892 065