After rising to $1.25 in the early hours of this morning the GBP/USD cross fell almost three quarters of cent to leave the currency pair trading around $1.2430.For the best GBP/USD exchange rates click here.
As I mentioned in my post yesterday, the pound surged following the latest round of inflation figures. With inflation pushing above the Bank of England's target of 2%, expectations of a rate hike in the near future had been increasing.
Last week the Bank of England meeting minutes showed one member of the Monetary Policy Committee had voted for an immediate rate hike, while others were sitting on the fence and ready to act if needed.
However, the pound has been unable to hold onto the gains as many now think the Bank of England were simply taking a hawkish stance in the build up to Article 50 being triggered and to address the decline in consumer sentiment and spending.
GBP/USD graph.
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