Monday, 15 May 2017

GBP/USD exchange rate rises again.

It has been a positive day for the GBP/USD cross, with the rate of exchange climbing back above $1.29, hitting an intraday high of $1.2939.

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For once the move was not down to a political statement or a single piece of economic data, but what seems like a shift in confidence.

GBP/USD graph

The pound benefitted from figures that showed investors and market players had reduced their bets against the currency by the most in over a year.

Since the result of Junes referendum there has been a grey cloud hanging over the pound, as concerns rose over how the UK economy will be effected after the country's exit from the European Union.

However, with the economy still showing its resilient side and Theresa May's decision to hold a general election on the 8th June, the storm now seems to be passing and the pound is suddenly back in favour.

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