It has been a very quite day in the currency markets today due to Independence Day in the States. As a result of the market holiday GBP/USD has remained in a 20 pip range throughout trading today with the cross hovering between $1.7130 and $1.7150.
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The GBP/USD cross has managed to hold above $1.71 throughout this week which has left the currency pair sitting very close to a six year high. Not even the better than expected U.S. job numbers could help the dollars cause yesterday and leaves the pound sitting in a very strong position.
It is an excellent time to purchase dollars and if you have an upcoming requirement you may wish to take advantage of the current high. If you wanted to see if the rates push even higher it may be worth considering putting a Stop Loss order in place to protect you against any adverse market movements, the Stop Loss with act as a safety net and give you a 'worse case scenario' so you don't end up gambling away your gains.
For more information on the different types of currency contracts or to find out what rates I can offer, use the link and the bottom of this page to complete the contact form or call me directly on 0044 (0) 1442 8920 065.
What could impact rates next week?
The main release coming out of the UK next week is the Bank of England interest rate decision. It is unlikely we will see a rise in rates next week but the meeting will be monitored closely for any hints of when a hike may take place.
From the States we will get the minutes from the Federal Reserves latest minutes which will give us an indication of what the council are discussing.
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