The pound rises against the dollar

The pound has gained over half a per cent against the U.S dollar over the course of the day, with the currency pair rising from $1.2410 to a high of $1.2480.

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Sterling fell over 1.2 per cent against the dollar last week after a number of data releases suggested the UK economy is showing signs of slowing. Friday's retail figures showed that sales had unexpectedly fallen in January, with the Office for National Statistics confirming volumes had dropped by 0.3% last month, well under the 0.9% increase that had been predicted.

The retail figures followed a disappointing wage growth reading on Wednesday, and for the first time since the referendum result it looks as though we are starting to see the impact of Brexit.

GBP/USD chart.

However, despite its recent woes, the pound has regained some of the lost ground today as markets brace themselves for another week dominated by talk of Brexit.

The House of Lords are due to start debating the bill which will open the door for the government to trigger Article 50, and begin official talks for Britain to leave the European Union.

The opposition party are looking to make some amendments to the bill which will force the government to secure the rights of EU citizens currently living in the UK and provide regular updates about how the negotiations are progressing.

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