Looking for the best GBP/USD exchange rate?
In my last post I mentioned the pound was sitting at a fresh two month high against the dollar, hitting $1.2771. However, as we all know the currency markets can change in a blink of eye, and this morning the GBP/USD cross has fallen back below $1.26 and is currently trading at $1.2588.
GBP/USD graph
Why is the pound falling?
After climbing steadily over the past few weeks, the pounds value has dropped after talk of Brexit once again hit the headlines.
The pound started losing ground yesterday afternoon as news broke the UK government had requested that parliament respect their timetable for leaving the European union, reducing investors' expectations that the UK's exit from the bloc could be delayed.
The government announced they had accepted a call from the Labour party to outline their exit plan before official negotiations get underway, although did state that parliament will need to get behind Theresa May's plan to trigger Article 50 early next year, and also accept the result the referendum held back in June.
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