UK Pound Picks Up Steam

After trading lower at the end of last week, the UK pound is picking up some steam, turning it around against the yen, and moving higher against the US dollar.

At the end of last week, the UK pound appeared ready to give up. Even with a better growth report, the pound was heading lower. The Office for National Statistics reported that business investing in the United Kingdom grew 0.9 per cent during the second quarter, and the GDP indicated economic expansion. Unfortunately for the pound, none of this news did much to boost the sterling.
However, today things are looking a little better. Pound is gaining ground against many of its counterparts. It has managed to overcome the yen’s earlier strength, and is inching up against the US dollar. The fact that stocks seem to be attempting to gain ground is also helping the pound. Even though the situation is mixed in Europe, US stocks are making a rally attempt and the FTSE 100 is higher today.
At 13:49 GMT the UK pound is mixed. GBP/USD is higher, moving up to 1.5581 from the open at 1.5566. EUR/GBP is a little lower, dropping to 0.8589 from the open at 0.8599. GBP/JPY has slipped into the red, down to 153.4050 from the open at 153.4250.

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