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GBP/USD climbs above $1.30

Arron Morris Currency Broker - GBP/USD climbs above $1.30Written by
Arron Morris
Senior Currency Broker
T: 01442 892 065

The GBP/USD cross rose to its highest level since the 22nd September today, with the currency pair hitting an intraday high of $1.3046.

The pound rose across the board after the latest UK retail sales figures came in way above the predicted level. Forecasts had been for sales to rise by 1.2% in April, but the actual reading (produced by the Office for National Statistics) hit a staggering 2.3%, helping the GBP/USD cross break through the $1.30 barrier for the first time since the end of September 2016.

GBP/USD exchange rate graph

The pound has been on an excellent run against the dollar in recent weeks. Since the middle of March the sterling/dollar exchange rate has risen by around 7.5% and is brilliant news for those of you looking at buying the greenback.

Will it last?

A lot will depend on what happens in the States. Part of the reason the rate of exchange has risen so drastically is due to President Donald Trump.

With everyday seemingly bringing a fresh scandal, the dollar has been in free-fall against most of the major currencies.

Investors are now worried he will fail to deliver on his pre-election promises, and there is even talk of the President facing impeachment.

If Trump continues on his current path, it is likely the dollar could weaken further in the coming weeks. Although we will have to wait and see if the pound is able to take advantage.

With Brexit looming, there is still a very good chance the pound will come under pressure, and we could easily see GBP/USD head back towards €1.25.

Contact me today for a free consultation

If you have a requirement to buy or sell dollars in the coming months and want to ensure you are making the most from your transfer, contact me today for a free consultation.

As a specialist in currency exchange I have a number of tools at my disposal to help you maximise the return of your transfer or protect you against adverse market movements.

For more information about how I can help or to find out what rate 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: 01442 892 065

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