A lot has changed since my post yesterday.......After writing about how the pound had fallen against the dollar following the Federal Reserve's decision to raise interest rates. The pound received a unexpected boost yesterday afternoon as the Bank of England rate votes showed that three of the eight Monetary Policy Committee members had voted in favour of an immediate rate hike.
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The surprise announcement caused the pound to rise across the board, with the GBP/USD cross rising over a cent to hit $1.2792, allowing sterling to claw back most of the ground it lost on Wednesday evening.
GBP/USD graph
So far today the pound has been able to hold onto the recent gains, and even manage to briefly break the $1.28 barrier this afternoon. However, the rise we have witnessed over the past twenty-four hours could well be short-lived.
Come Monday morning, focus is sure to turn back to the UK and Brexit with official negotiations due to begin. Investors and market players will be listening closely for any clues to how the divorce talks are proceeding. Do you need to buy or sell dollars?
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