Sterling rallies to seven-week high

Economies.com
2017-03-27 17:03PM UTC

Sterling rose on Monday to a seven-week high as the dollar gave up ground against a basket of currencies, while markets await for the official British exit process from the European Union to start this week. 

 

GBP/USD last traded at 1.2563, up from the opening of 1.2514, with a session-high at 1.2616, and a low at 1.2510. 

 

Sterling's current rise comes after a negative start for the dollar, which hit a five-month low against a basket of rivals after the U.S. administration pulled its healthcare law before voting in Congress due to lack of support, stocking doubts about its ability to pass other market-oriented laws such as corporate tax cuts and infrastructure spending. 

 

Dollar's weakness helped the dollar rise as well specially as markets await the activation of Article 50 in Britain to officially exit the EU, which buoyed the pound as markets brace for any surprises. 

 

Sterling drew some recent support after inflation rose in Britain, which might push Bank of England to raise interest rates soon, specially after one member already voted to increase rates in the last meeting. 

Forex and Currency News

GBP/USD news

Forex

Sterling sharpens decline to five-month nadir after weak data
2024-04-19 11:40AM UTC
Sterling tumbled in European trade against a basket of major rivals, sharpening losses for the ...
EUR/USD news

Forex

Euro approaches week high amid positive outlook
2024-04-18 08:30AM UTC
Euro rose in European trade on Thursday against a basket of major rivals, extending gains for the ...
Forex News

Forex

Dollar gives up five-month high on profit-taking
2024-04-17 10:56AM UTC
The dollar lost ground in European trade on Wednesday against a basket of major rivals away from ...

Forex Technical Analysis

GBP USD Analysis

Forex

The GBPUSD forecast update 19-04-2024
2024-04-19 10:43AM UTC
GBPUSD Price Analysis Expected Scenario The GBPUSD price trades with clear positivity to ...
EUR USD Analysis

Forex

The EURUSD price forecast update - 19-04-2024
2024-04-19 10:43AM UTC
EURUSD Price Analysis Expected Scenario The EURUSD price finds solid support at the ...
Technical Analysis

Forex

The NZDCAD surrenders to the resistance line stability – Forecast today – 19-4-2024
2024-04-19 08:21AM UTC
NZDCAD Pair Analysis Expected Scenario The NZDCAD pair has confirmed its submission to ...