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British Pound Sterling (GBP) - BER Currency Guide

In this currency guide we look at :


  1. GBP General Info
  2. GBP Market View
  3. GBP News & Updates
  4. GBP Cross Rates

British Pound Sterling General Info

The three letter currency code for the British Pound Sterling is GBP and the symbol is £. It is the domestic currency in Guernsey, Isle of Man, Jersey, South Georgia And South Sandwich Islands and United Kingdom.

The British pound (ISO: GBP) is one base unit of sterling – that being the name of Britain's currency – and is subdivided into 100 pence.

Contributing to around 13% of all foreign exchange deals, the pound, or sterling, is the world’s fourth most traded currency.

Reputedly, sterling is 1200 years old. It is said that Anglo-Saxon traders used silver pennies in the eighth century called ‘sterlings’, 240 of which would equal one pound in weight.

Due to its membership of the European Union, Britain could have adopted the euro as its currency upon its introduction in 1999, however the British government opted against this because it wanted to retain monetary policy independence and because it perceived euro adoption as offering only small economic benefits.

In recent years, the most significant event to affect sterling’s valuation was the UK’s vote to leave the European Union on June 24th 2016 – a day on which the exchange rate for GBP/USD fell by as much as 11%.

In the past two decades, the pound’s highest valuation against the dollar occurred in November 2007 when GBP/USD reached 2.1161. Its lowest value came in October 2016, three-and-a-half months after the historic ‘Brexit’ vote, when GBP/USD reached 1.1905.



GBP - Market View

By mid-July sterling had fully recovered following the politically complicating outcome of June’s UK general election, which resulted in a hung parliament despite the ruling Conservative party holding a twenty-point lead over the opposition Labour party at the time the election was called.

GBP/USD finally made a clean break above $1.30 in July, supported by comments from Bank of England Governor Mark Carney, who said that the bank’s committee remained open to interest rate hikes.

However, the prospect of hikes by the BoE remains far-fetched to many analysts, including Guy Petcho of Voya Investment Management, who told Reuters in July that the British pound is set to fall by as much as 15% against the dollar by the end of 2017. Petcho believes that UK economic growth will take a turn for the worse in the second half of the year and his prediction marks a fall in GBP/USD to the $1.10s.

Other forecasts for the pound include that made by veteran investment advisor Beat Wittmann of Porta Advisors, who in June expressed his belief that the pound is set for further significant falls this year as a result of an “erosion of consumer and investment confidence” in the UK, caused in large part by political and Brexit-related uncertainties.

In the second half of July, Britain’s currency fell to multi-month lows against the euro (€1.1113) and against the commodities and sentiment-driven Canadian dollar (C$1.6294) and Australian dollar (A$1.6417).

GBP/USD - 00:00 BST

1 Day  1 Week: British Pound Sterling finished the last session of the week up against the United States Dollar with the GBP/USD at 1.2997, a rise of 0.24% and also up for the last 7 days with a rise of 0.63%.

3 Month Trend: GBP/USD is trading higher in the 3-month range [Hi:1.3127, Lo:1.2622] and for the quarter is up 1.46%.


British Pound Sterling - News & Market Updates

Sterling Predicted to Fall 15% Before Year-End and RBA Deputy Cools Australian Dollar

The British pound is set to fall by as much as 15% by the end of 2017 according to Guy Petcho of Voya Investment Management. Petcho, who formerly was a part of George Soros’ investing team, said in an interview with Reuters on Friday that a turn for the worse in UK economic growth will... View article >
Currency:
Posted on 22 July 2017 | 11:12 am GMT
Author: Joel Wright

British Pound Sterling – Fri Jul 21: GBP Up vs USD & AUD and Down vs EUR, CAD & NZD.

British Pound Sterling was friday down -0.1% against the Euro, up 0.16% against the United States Dollar, down -0.25% against the Canadian Dollar, up 0.73% against the Australian Dollar and down -0.54% against the New Zealand Dollar. GBP 7 Day Cross-Rate Charts Read on for the latest 1-week and 3-month GBP cross rate fluctuations, charts... View article >
Currency:
Posted on 21 July 2017 | 9:04 pm GMT
Author: BER Research

Loonie Firm Ahead of Inflation Report

USDCAD is hovering around major support (1.2575) ahead of this morning’s May Retail Sales and inflation data.  June CPI is forecast to rise 1.0%.  vs. May 1.3%.  A better than expected number will drive USDCAD toward 1.2510 while a weaker number may get ignored.  The Bank of Canada is willing to look past weak inflation... View article >
Posted on 21 July 2017 | 12:23 pm GMT
Author: Agility Forex

AUD Tumbles as RBA’s Debelle Quashes Hopes of Rate Hike

Pound Sterling (GBP) GBP/USD 1 Week Chart Yesterday’s June UK retail sales figures caused the Pound to slump – despite being much more positive than had been expected. Sales grew 0.9% on the month, against predictions of 0.5%, or 0.6% compared to forecasts of 0.4% if auto fuel sales are removed. However, combined with data... View article >
Posted on 21 July 2017 | 7:52 am GMT
Author: TorFX

British Pound Sterling – Thu Jul 20: GBP Down vs EUR, USD, CAD, AUD & NZD.

British Pound Sterling was down -1.36% against the Euro, down -0.39% against the United States Dollar, down -0.5% against the Canadian Dollar, down -0.4% against the Australian Dollar and down -1.15% against the New Zealand Dollar. GBP 7 Day Cross-Rate Charts Read on for the latest 1-week and 3-month GBP cross rate fluctuations, charts and... View article >
Currency:
Posted on 20 July 2017 | 9:04 pm GMT
Author: BER Research

Will EUR Get a Boost from ECB Meeting Today?

Pound (GBP) GBP/USD 1 Week Chart Appetite for the Pound was soft yesterday, as markets continued to digest UK inflation data and await this morning’s retail sales figures. If the reports do show the forecast recovery in sales during June, this will ease fears that the UK economy will not have been able to rebound... View article >
Posted on 20 July 2017 | 7:57 am GMT
Author: TorFX

British Pound Sterling – Wed Jul 19: GBP Up vs EUR and Down vs USD, CAD, AUD & NZD.

British Pound Sterling was up 0.18% against the Euro, down -0.15% against the United States Dollar, down -0.41% against the Canadian Dollar, down -0.65% against the Australian Dollar and down -0.3% against the New Zealand Dollar. GBP 7 Day Cross-Rate Charts Read on for the latest 1-week and 3-month GBP cross rate fluctuations, charts and... View article >
Currency:
Posted on 19 July 2017 | 9:04 pm GMT
Author: BER Research

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