The UK pound is heading higher against other majors today, gaining ground after a disappointing end to last week. After giving up some of its recent gains, the pound has consolidated and is on firmer footing as it heads a little higher against the US dollar and the euro.
Last week, the UK pound ended with a struggle. Concerns about the sterling were raised, even though the economic data in the United Kingdom remains promising. Some think that the losses toward the end of the week were more of a correction than anything else. As a result, there is a firmer foundation for the pound moving forward, especially against the US dollar.
Sterling also has the upper hand against the euro, which is being undermined by disappointing data and talk by ECB officials about further easing. For now, it’s the UK pound that is in a position of strength, bolstered by an improving economy in the United Kingdom and recent talk at the Bank of England of possibly tightening monetary policy.
At 12:59 GMT GBP/USD is moving higher, gaining to 1.6890 from the open at 1.6848. EUR/GBP is lower, falling to 0.8151 from the open at 0.8164. GBP/JPY is gaining ground today, heading up to 172.2250 from the open at 171.6150.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.
