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GBP/USD exchange rate heads towards $1.30

Arron Morris Currency Broker - GBP/USD exchange rate heads towards $1.30Written by
Arron Morris
Senior Currency Broker
T: 01442 892 065

Following Emmanuel Macrons victory in the French elections yesterday, appetite for risker assets seems to have returned, giving the European markets a welcome boost.

With no major surprises coming from France over the weekend the dollar lost ground across the board, allowing the GBP/USD cross to climb to its highest levels since October, with the currency pair hitting $1.2990 during the Asian trading session.

Although the GBP/USD cross has dipped slightly over the course of the day (GBP/USD is currently trading at $1.2940) the pound is in an excellent position as attention turns to the Bank of England (BOE) and their meeting on Thursday.

GBP/USD exchange rate graph

With the UK economy performing well, there have been calls for the Bank of England to raise interest rates in order to curb the country’s rising inflation figure.

On Thursday the BoE will announce their latest interest rate decision and although it is unlikely the central bank will take any action this week, we could still see the pounds value rise.

Last month one member of the Monetary Policy Committee (MPC) voted in favour of increasing the banks benchmark interest rate. If on Thursday that figure increases to two or three members we could easily see the pound rise against its counterparts.

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Arron Morris
Senior Currency Broker
T: 01442 892 065

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