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Interbank Market rate - GBP/USD

Bid Ask
1.2275 / 1.2278
Low High
24h 1.2254 - 1.2353
Week 1.1989 - 1.2414
For information purposes onlyFor informational purposes only. Please read Terms of Use for further information.

More Near real time rates - Not to be used for trading purposes.

Daily Commentary

Wednesday, 18 January 2017

Alex Edwards

United States Dollar:

We’ve witnessed a classic case of “sell the rumour, buy the fact” in the past few days. The “bad” news, at least as far as financial markets were concerned, had already been priced in ahead of May’s speech on Tuesday, with GBP/USD getting sold off quickly at the very start of the week, even falling below 1.2000. As May delivered the unsurprising news yesterday, GBP/USD quickly rebounded as the PM said the UK did not seek access to the single market but did want a free trade and customs agreement with the EU. As well as buying the fact, investors also took heart from May’s reassuring tone and the intended controlled method of exit that she outlined. GBP/USD jumped two cents, rising above 1.24, the pair also garnering support from expectation-beating UK inflation data released earlier in the day. GBP/USD has settled back a little since to open this morning at 1.2390, but should UK average earnings and employment data come in stronger than forecasts at 9:30 today we could well see cable pop back through 1.24 and onwards. There’s good potential for volatility throughout the day too with US inflation data set for release at 1:30 GMT ... read more

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