The GBP to USD exchange rate has been and remains one of the most interesting currency pairs to forecast. The GBP/USD can be affected by a number of factors and this makes it a volatile exchange rate at times.
In mid-July the GBP/USD exchange rate dropped as low as the 1.18 level after the Federal Reserve raised interest rates combined with the continuing impact of the Ukraine war on commodity prices.
The Bank of England has joined the global fight against inflation, but has raised rates by less than the US Federal Reserve.
So it seems the BoE’s gloomy economic forecasts has increased pressure on Sterling.
03 Aug 2022
19 May 2022
17 Aug 2021
18 Aug 2017
19 Aug 2012
22 Aug 2002
‘Cable’ is the slang term used by forex traders for the pound-to-dollar foreign exchange rate. The term originated in the late 19th century, when it became possible to wire the exchange rates between US dollars and British pounds across the Atlantic Ocean by means of a transatlantic cable. Ever since then, these values are also called ‘the cable.’
Whether the US dollar will rise or drop in the future against the pound is a difficult question and the answer really depends on many factors.
To consider the current GBP-USD relative value you can check the change in the exchange over a range of periods to the present day. The table above does this for periods going back 20 years.
The best way to get a good GBP/USD exchange rate is to compare bank and FX providers.
The FX providers below are among the best in the industry. They have an extensive range of offerings, including advice, online tools to help with your exchange rates, and low or even zero fees.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.