Pound/dollar still on the rise.

This morning has seen the pound continue to rise against the U.S. dollar, with the GBP/USD cross breaking through the $1.26 barrier for the first time since the 14th December.

The pound has risen to a fresh six week against the greenback as investors hope that Theresa May's meeting with President Trump on Friday, could lead to a quick trade deal with the U.S.

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A better than expected UK GDP reading for quarter four has also helped the pound, with the reading coming in at 0.6% against the forecast level of 0.5%. The data is also great news for the UK as it shows the economy is still growing despite all of the negative talk of Brexit.

The move we have seen for GBP/USD over the past ten days has been nothing short of remarkable. Last Monday the currency pair was hovering around its lowest levels for nearly thirty-two years. However, in just over a week the pound has risen nearly six per cent, with exchange rates climbing from $1.1990 to $1.2672.

To put the move in monetary terms, purchasing $300,000 this morning would cost you around £13,500 less than it would have done on the 16th January.

 

GBP/USD ten day graph

 

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