GBP/USD reaches 1.40

GBP/USD reaches 1.40

An over 2 year high

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The pound has added to its gains against the US dollar, breaking above 1.40 this morning for the first time since April 2018.

GBP/USD has been on a steady rise since its fall below 1.15 in March 2020, enjoying over 20% appreciation in less than a year.

This has mainly been attributed to the current success of the UK's vaccination programme, and post-Brexit uncertainty fading. Another catalyst for the move surrounds FX flows, which ordinarily would filter to the euro when exiting the US dollar. However, these are now moving toward the pound with Europe’s post-Covid recovery continuing to look rocky in comparison to the other side of the Channel.

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