Today has seen the pound rise across the board, with the GBP/USD cross rising over a cent during the course of the trading session. For the best GBP/USD exchange rate click here.
With little to report in terms of eco-stats or political announcements, it would seem the pound is still benefitting from Article 50 being triggered and Theresa May's positive speech yesterday.
As you can see from the graph below the GBP/USD cross has risen from $1.2405 to $1.2520, with the currency pair clawing back some of the ground it has lost since Tuesday.
If we look at today's move in monetary terms, converting £250,000 into dollars this afternoon will achieve you nearly $3000.00 more than it did first thing this morning.
GBP/USD graph.
Following the invocation of Article 50 yesterday markets finally have some clarity surrounding Brexit. We have now entered into the two year negotiation period, and in the words of Theresa May "there is no going back".
We also know the European Union are not going to start negotiating until the end of April, so we probably won't hear of any major developments for a couple of months. This could give the pound an opportunity to continue rising against the major currencies, especially if the UK economy continues to over perform. However, it could just be the calm before the storm.
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