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As you can see from the graph below the currency pair dropped back below $1.25 earlier today, hitting a low of $1.2466, after reaching a fresh week high of $1.2673 on Friday afternoon.
GBP/USD graph
Why has GBP/USD fallen?
The move is down to dollar strength. The dollar has been climbing against all of its counterparts this morning as markets have anticipated the U.S. economy will see a rise in inflation following Trumps shock win in last weeks election.
What next for the pound?
The pound finally seems to have found some support after months of uncertainty following Britain's decision to leave the European Union.
Many within the market now believe that Trumps presidency could boost the UK's hand when negotiations begin with its European counterparts over the country's exit from the Union.
Attention is also being diverted to the upcoming elections in Italy, France and Germany, so for the time being at least, we could see the pound build on the gains it has made against the dollar and euro over the past few weeks.
Do you need to buy or sell dollars?
If you are looking to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.
As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.
