It has been a relatively quite day in terms of data releases but we have still seen the dollar make up some ground against the dominant pound. The GBP/USD cross has slipped from a fresh high of $1.7061 to $1.7018 as traders looked to take their profits ahead of the weekend.
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Even though the pound has lost some momentum over the course of the day it is still in a very strong position against the dollar. Despite the U.S. Federal Reserve cutting another $10 billion dollars from their stimulus package the greenback still seems to be struggling.
With FED Chair Janet Yellen cutting the U.S. growth forecast and hinting that interest rates will remain at their current level for sometime it is difficult to see how the dollar is going to fight back. If the pound can maintain its current position over $1.70 then there is every chance the pound will continue to rise.
If you are looking to buy or sell dollars in the coming weeks or months there are a number of different options available to you to help make the most of your transfer. One option is to look at a Stop Loss order which will help protect you against any adverse market movements.
The Stop Loss will act as a safety net and give you a worse case scenario but at the same time allow you to monitor the markets and take advantage of any gains. For more information on the different types of contract or to see what rates of exchange I can offer. Use the link below to complete the contact form or call me directly on 0044 (0) 1442 892065.
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