The last week has been a bit humiliating for the UK pound, with persistent losses against major currencies. However, there appears to be some relief in sight for the embattled pound. The currency is gaining a little bit of ground today — at least against the euro.
Last week, the sterling was lower against many of its major counterparts, including the euro, which has its own problems. There are still issues with slow factory growth in the United Kingdom, and that is likely to continue to weigh on the pound. However, sterling does appear to be making up some lost ground. With the pound discounted so much after last week, some Forex traders are buying.
While the pound is still down against the US dollar, it is making up some lost ground against the euro, as well as gaining against the yen. UK factory growth is likely to remain a factor, and many Forex traders are also waiting to see what the Bank of England will do next, although chances are that it won’t have a lot of options.
At 13:15 GMT GBP/USD is down to 1.6859 from the open at 436863. EUR/GBP is lower, though, dropping to 0.7939 from the open at 0.7959. GBP/JPY is gaining ground, moving up to 173.2035 from the open at 172.9650.
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