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So far today the currency pair has climbed from $1.2406 to an intraday high of $1.2487 and we still have the U.S. to release some key eco-stats later this afternoon.
GBP/USD graph.
Why is the pound rising against the dollar?
The pound has been edging up across the board this morning after stronger than expected mortgage approvals, while lending to individuals increased at its fastest pace since 2005. The data has once again given the UK economy a boost and shows that consumer demand has not been dampened since the referendum result in June.
Some of the attention on the UK and Brexit has also shifted, as investors are now growing increasingly concerned about the Italian constitutional referendum on Sunday and the upcoming elections in France and Germany next year.
What could impact the GBP/USD cross today?
After a quiet few days in terms of data, today could bring some extra volatility for dollar crosses as the U.S. markets return to normality following last weeks Thanksgiving holiday.
This afternoon will see the U.S. release their latest CB consumer confidence figures, along with a Prelim GDP reading for quarter three. There are also speeches from Federal Reserve Officials William Dudley and Jerome Powell towards the end of the day. If either of them drop any clues about an interest rate hike next month then we could see some movement in the dollars value.
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