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Although the pair has moved slightly away from the session high, the currency pair is still trading at $1.2470, around a cent and a half higher than when markets opened this morning.
GBP/USD graph
Why has the pound risen?
So far its a bit of mystery, there has been no economic data releases or political announcements this afternoon. A few of the major banks have already come out and said there is no clear reason as to why the pound is currently climbing.
What does the move mean for you?
If you are looking at buying dollars then this afternoon's unexpected rise will come as welcome news. If we look at the gains in monetary terms, purchasing $300,000 now costs around £3000 less than it did at 0945 (GMT) this morning.
Buying or selling dollars?
The move over the course of today shows just how unpredictable the currency markets can be and how quickly things can change.
If you have a requirement 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.
