The British pound traded slightly above $1.24 but remained close to its lowest point since mid-November as investors digested solid UK PMI data and assessed the potential impact on the country's monetary policy trajectory. The latest survey revealed that British business activity expanded in April by the most since May 2023, driven by a sharp increase in service sector output. On the monetary policy front, markets anticipated the first reduction in borrowing costs to occur at the August meeting, compared to the previously anticipated September, after Deputy Governor Dave Ramsden suggested that the risk of British inflation remaining excessively high had diminished and that it could potentially fall below the BoE's most recent forecasts. On the other hand, Chief Economist Huw Pill said the latest economic news had brought a first rate cut closer, although he warned that it could be a way off.
The GBPUSD increased 0.0003 or 0.02% to 1.2510 on Friday April 26 from 1.2507 in the previous trading session. Historically, the British Pound reached an all time high of 2.86 in December of 1957. British Pound - data, forecasts, historical chart - was last updated on April 26 of 2024.
The GBPUSD increased 0.0003 or 0.02% to 1.2510 on Friday April 26 from 1.2507 in the previous trading session. The British Pound is expected to trade at 1.25 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.21 in 12 months time.