It's been a mixed day for the GBP/USD cross. The currency pair started the day well, edging back towards $1.30 following the releases of the Federal Reserve meeting minutes last night. For the best dollar exchange rates click here.
The minutes showed that the Fed's policymakers had agreed they should keep interest rates at their current level due to the recent economic slowdown, reducing the chances of another rate hike next month.
As you can see from the graph below the pound rose steadily overnight and opened this morning's London session around $1.30, however the GBP/USD cross was unable to hold onto the gains and within a couple of hours had fallen over half a cent.
GBP/USD graph
Why did the pound fall?
Sterling lost ground after the Office for National Statistics stated the UK economy grew slower in the first quarter than initially thought, with the second GDP estimate being revised down from 0.3% to 0.2%.
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