Analysis of recent sterling → dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest British pound to US dollar performance and trends.
Forecasts for GBP to USD
The GBP/USD exchange rate has recently taken a downward turn, reflecting growing concerns about the UK’s economic stability in light of recent political developments. Analysts note that the Pound (GBP) has seen a significant slide, currently hovering near 60-day lows of 1.2879—1.5% below its three-month average of 1.3082. Such volatility in Cable (the slang term for the GBP/USD pairing) is attributed to fears surrounding the potential impact of a Trump presidency on the UK economy, with forecasts suggesting that increased inflation might exacerbate the ongoing cost-of-living crisis in Britain. The upcoming Bank of England's interest rate decision is likely to further influence GBP movements, as hints of additional cuts could drive the currency lower.
On the other hand, the US dollar (USD) has strengthened following Trump’s election victory, propelled by expectations of a low-tax, pro-business agenda that may bolster U.S. growth and maintain elevated inflation levels. Economists observe that this scenario is likely to keep the Federal Reserve on course to sustain higher interest rates for an extended period, which in turn supports a stronger dollar. The market is aligning with this view, as evidenced by a notable increase in Treasury yields following the election outcome. As GBP continues to face pressures from economic uncertainties and potential monetary easing from the Bank of England, the contrasting strength of the USD could lead to even greater fluctuations in the GBP/USD pairing, presenting risks and opportunities for businesses and individuals engaged in international currency transactions.
Exchange rates can vary significantly between different currency exchange providers, so it's important to compare
British pound (GBP) to US dollar (USD) rates from different sources before making a conversion.
Use our
GBP to USD calculator to see how much you could save on your international money transfers.
makes it easy to compare the Total Cost you are being charged on Sterling to Dollar currency rates and the possible savings of using various providers.
Will the British pound rise against the US dollar?
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add GBP/USD to your personalised Rate Tracker to track and benefit from currency movements.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more