GBP Markets Update with Chart with Historic Rates . Check GBP Trends over various time periods.
Pound Sterling (GBP) Market Update
According to recent forecasts and market updates from analysts, the GBP currency has been facing downward pressure against major counterparts. Both HSBC and Barclays, two major British banks, have signaled a turning point for the Pound, with the US dollar's strength appearing unstoppable. HSBC had previously been bullish on the GBP and EUR currencies since November 2022 but now expects a reversion lower in the coming months. They highlight that consumer confidence in the UK and Eurozone has taken a downturn, which often precedes macroeconomic underperformance.
The GBP has been highly influenced by the UK's decision to leave the European Union (Brexit). Ongoing post-Brexit negotiations and the economic impact of the UK's departure have caused significant fluctuations in sterling exchange rates. Recent price data shows that the GBP to USD pair is at 90-day lows near 1.2263, 3.5% below its 3-month average. Additionally, the GBP to EUR pair is at 90-day lows near 1.1523, 1.0% below its 3-month average, while the GBP to JPY pair is at 30-day lows near 181.3, just 0.9% below its 3-month average.
Overall, the GBP currency is currently facing challenges due to the strength of the US dollar and the uncertainty surrounding Brexit negotiations. FX analysts and economists anticipate further downside risk for the Pound in the months ahead based on weakening consumer confidence indicators in the UK and Eurozone. It is crucial for individuals and businesses involved in international transactions to closely monitor exchange rates and consider strategies to mitigate risks associated with GBP fluctuations.
Pound Sterling to US dollar - GBP/USD Trend
GBP to USD is at 90-day lows near 1.2291, 3.2% below its 3-month average of 1.27, having traded in a relatively stable 6.8% range from 1.2291 to 1.3132
1.2292We compare provider deals to this wholesale mid-market rate. Read more