Sterling continued its fine start to 2021, with six days of unchallenged gains seeing it soar to a seven week high against the euro, and GBP/USD reached a level not seen since April 2018.
1 minute readToday’s better-than-expected GDP data for November was a good sign for the UK, helping to reflect that November’s lockdown had not been as economically damaging as anticipated. In addition, investors are still holding onto their relief of avoiding a no deal Brexit thanks to the last-minute trade deal agreed between the UK and EU on Christmas Eve. However, key market resistance levels have been hit, causing the pound to soften slightly in this morning’s trading session.
The pound made gains on both the euro and US dollar in the same week that UK vaccination efforts have ramped up, Covid-19 cases have dropped and the Bank of England have distanced themselves from the expectation of negative interest rates.
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