Forecasts for the British pound dollar change all the time, affected by news events and relative sentiment towards the UK economy.
Forecasts Updated: Jul 27, 2021
GBP/USD – closed the week at 1.4160 (1.4210 last week). The Fed’s hawkish shift hit the Pound hard, pushing it 1.6% lower in 2 days. On Friday, Sterling closed at 13810. The next big event for Sterling is the UK’s reopening of its economy scheduled for June 21.
GBP/JPY – Sterling closed the week at 151.95 Yen. Like the rest of the FX market, this currency pair also had a volatile roller coaster week. GBP/JPY hit a peak at 152.61 (last Friday) and a low at 148.46 (Wednesday).
GBP to USD at 1.3905is just below its 90-day average, range 1.3628-1.4208.
GBP in the Markets
The coronavirus pandemic had replaced Brexit in the headlines for most of last year. In 2021 the pound has held or even improved its value while markets sort through the aftermath of Brexit and the improved vaccine response from the UK.
After outperforming in the first quarter, April saw the pound consolidate versus the euro and the US dollar.
Last year, 2020 the year of COVID, British pound forecasts were almost entirely driven by the effects and response to the Coronavirus pandemic rather than any fundamentals of the British economy.
However as we progress through 2021, the British pound is being buffeted by predictions of rising interest rates and inflation as the world starts the slow path to recovery from the pandemic.
One potential risk going forward is any news emerging around virus strains resistant to the current vaccines.
OFX see the pound could trade against the USD in a range between 1.37 – 1.40 USD and against the euro 1.1450–1.1750 EUR.
GBP to USD
GBP to USD at 1.3905 is just below its 90-day average, range 1.3628-1.4208.GBP/USD Rates
The British Pound also had a choppy trading week. Sterling finished at 1.3766 on Friday from 1.3765 a week ago. GBP-USD Forecasts
GBP to EUR
GBP to EUR at 1.1717 is 0.7% above its 90-day average, range 1.1487-1.1747.GBP/EUR Rates
EUR/GBP – also had a volatile trading week with both currencies lively against the US Dollar. The Euro closed at 0.8563 Sterling on Friday from 0.8545 a week ago. While the net change is small, the overall weekly range for EUR/GBP was 0.8511 (last Friday) and 0.8670 (Wednesday). GBP-EUR Forecasts
GBP to AUD
GBP to AUD at 1.8929 has risen 3.0% above its 90-day average, range 1.7826-1.8929.GBP/AUD Rates
GBP/AUD – another mover and shaker last week. Sterling ended on Friday at 1.8665 Australian Dollars from 1.8612 a week ago. The weekly high/low for this cross-currency pair occurred in one trading day (Tuesday) between 1.8694 and 1.8470. Amazing. GBP-AUD Forecasts
GBP to INR
GBP to INR at 103.4 is just above its 90-day average, range 101.6-103.8.GBP/INR Rates
May and June has seen the Indian rupee trade continue to trade around 60 to the CAD dollar. INR sank to this level in April on an announcement from the Reserve Bank of India. CAD-INR Forecasts
What is a good GBP exchange rate?
Whether the pound will rise or drop in the future is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate’s current relative value is to look at GBP’s history against a range of currencies and in particular against the currency you are interested in exchanging it with.
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