GBP/USD Unable to hold gains

GBP/USD breaks $1.30 but is unable to hold onto the gains.

The pound continued to rise against the dollar overnight, with the GBP/USD cross hitting $1.3029, the highest we have seen the currency pair since the 22nd May.

However, over the course of today’s trading session the pound has given up some of the gains, and at the time of writing GBP/USD had slipped back towards $1.2960.

Figures released by the Office for National Statistics this morning, showed that consumer were beginning to feel the pinch of rising inflation and a drop in wage growth.

The loss could have been worse for the pound, but it seems markets and investors are still buoyed by the hawkish comments from the Bank of England earlier in the week and are betting on an interest rate rise in the coming months.

GBP/USD graph

Unable to hold gains

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Written by
Arron Morris
Senior Currency Broker
T: 01442 892 065