The British pound rose by as much as 1% to above $1.322, its highest level since March 2022, in the wake of the Jackson Hole Economic Symposium, where both Bank of England Governor Andrew Bailey and US Federal Reserve Chairman Jerome Powell spoke. Bank of England Governor Andrew Bailey suggested that more interest rate cuts might be on the way to help mortgage holders, noting that inflation is decreasing faster than expected. He mentioned that, although inflation is becoming less of a problem, the Bank still needs to be cautious until inflation targets are reliably met, following last month's rate cut from 5.25% to 5%. Meanwhile, US Federal Reserve Chairman Jerome Powell hinted that interest rate cuts might also be coming soon, citing falling inflation and rising unemployment as reasons for the Fed to adjust its policy.
The GBPUSD increased 0.0113 or 0.87% to 1.3210 on Friday August 23 from 1.3097 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 August 25 of 2024.
The GBPUSD increased 0.0113 or 0.87% to 1.3210 on Friday August 23 from 1.3097 in the previous trading session. The British Pound is expected to trade at 1.27 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.25 in 12 months time.