Following Fridays surge the pound has continued to rise against the dollar this week with GBP/USD exchange rates breaking through the $1.57 barrier for the first time this year.
Last week's surprise UK Election result is still helping Sterling across the board and with the dollar's value dropping this morning after German Bund yields rose 22 basis points, demand for European currencies seems to be rising.
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GBP/USD exchange rate forecast.
During today's session alone the pound has risen nearly a cent and a half, with GBP/USD climbing from $1.5561 to a high of $1.5707.
We have not seen the currency pair at this level since December 2014 and the turnaround we have seen in the past few weeks has been nothing short of amazing.
Since the 13th April (when GBP/USD was sitting at $1.4577) the pound has gained 7.75% against the dollar and the move looks even more impressive when put into monetary terms.
Converting £200,000 into dollars will now see you receive over $22,600 more compared to the same trade last month and highlights just how important timing can be when it comes to moving money overseas.
A couple of weeks ago I said we would see rates push back above $1.55 and with that rate now in the bag I think there is potential for GBP/USD to go even higher.
If the U.S. economy continues to underperform and talk of a September rate hike is shelved I think there is every chance we could see GBP/USD challenge the $1.60 in the coming weeks.
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If you have a requirement to buy or sell dollars in the coming months and want to ensure you are getting the best rate of exchange, contact me today using the link below or call me directly on 0044 (0) 1442 892 065.
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