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As you can see from the graph below, the currency pair has risen over three cents since last night, meaning the pound has just had its biggest intraday gain against the U.S. dollar since 2008.
GBP/USD graph
Why has the pound risen?
Sterling has climbed across the board, following UK Prime Minister Theresa Mays eagerly awaited speech regarding her plans for Britain's exit from the European Union.
May outlined a twelve point plan, but it was her promise to hold a parliamentary vote on Britain's deal to leave the EU, and that she would look to stay as a key European partner, that have given investors some much needed confidence.
The pound has been in free-fall over the past few weeks, losing around six per cent against the dollar since the start of December,
The fall was largely down to Theresa May stating that she would give up access to the single market, and she maintained her stance this afternoon by saying the UK "cannot possibly" remain with the European single market, as it would mean "not leaving at all".
However, May said she would push for the "greatest possible" access to the single market following the country's exit from the Union.
Do you need to buy or sell dollars?
If you have a requirement to buy or sell dollars in the weeks or months and are worried about the impact Brexit negotiations will have on your transfer, contact me today for a free, no-obligation currency consultation.
As a specialist in currency exchange, not only can I help you get the best possible exchange rate, I can also look to help you with the timing of your transfer to help you maximise the return.
As you know the currency markets are impossible to predict and can change in the blink of an eye, but by having an expert on your side you could potentially make or save you thousands of pounds.
I have a range of tools at my disposal, all designed to protect you against adverse market movements and help you budget efficiently. For more information about the range of tools available or to find out what rate of exchange I can offer, use the link below to complete the contact form. 