UK Pound Hangs on to Recent Gains

UK pound is holding on to recent gains, hoping to see a better performance going forward. However, there are factors that could lead to more weakness. For now, though, the sterling seems to be weathering the Brexit reasonably well.

Sterling is hanging on to its recent gains. Last week’s decent industry survey data from the United Kingdom helped push the pound a little bit higher, although it still struggles.
The next economic data points of interest for the UK pound will be employment, retail sales, and CPI. If the UK economy can show that it continues to weather the aftermath of the Brexit vote reasonably well, sterling could see some success in the future. However, it might still be too early to tell what impact the Brexit will have. The actual processing of leaving the European Union will take longer, and until the full effect of restricted worker movement and trade is felt, it will be harder to see the long-term impact on the sterling.
For now, though, UK pound is mostly higher against its counterparts.
At 15:51 GMT GBP/USD is up to 1.3320 from the open at 1.3269. EUR/GBP is lower, dropping down to 0.8432 from the open at 0.8470. GBP/JPY is lower, dropping to 135.21 from the open at 136.05.

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