Great Britain Pound Attempts to Keep Upward Momentum

The Great Britain pound rose against most of its major rivals during the Monday’s trading session. The euro was an exception, rising against the sterling intraday, though giving up virtually all of its gains later.

While Britain’s pound gained today, it looks like the currency struggles to maintain upward momentum as Brexit fears return. Finance Minister Philip Hammond, a known proponent of a “soft” Brexit, tried to alleviate such worries, saying that a transition period should be beneficial to both the United Kingdom and the European Union as a gradual exit can lighten the blow to their economies and trading ties.

The coming week will be busy for the sterling. While the most important event of the week should be the Federal Reserve policy meeting, the Bank of England will also make a policy decision during the week. Additionally, inflation, employment, and retail sales reports can also have a strong impact on the British currency.

GBP/USD climbed from 1.2573 to 1.2675 as of 23:46 GMT today. GBP/JPY advanced from 145.08 to 145.70. EUR/GBP traded at 0.8391 after opening at 0.8373 and rising to the daily high of 0.8428.

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