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Pound Rallies on Positive Sentiment, Drops From Highs

March 26, 2019 at 17:46 by Simon Mugo

£10The British pound today rallied higher against the US dollar in the early London session driven by positive investor sentiment despite disappointing UK mortgages data. The GBP/USD currency pair headed lower in the American session even as the UK Parliament prepared for another round of indicative votes on the current Brexit deal.

The GBP/USD currency pair today rallied from a low of 1.3158 to a high of 1.3261 in the mid-European session before retracing some of its gains.

The currency pair dropped slightly in the Asian session amid worries of a no-deal Brexit given the short extension period granted to the UK by the European Union. However, the pair rallied higher at the London open amid growing support for Theresa May‘s Brexit deal. UK leaders have began supporting the current Brexit deal as the possibility of no-Brexit has increased given the EU’s 2-week extension deadline. PM May also announced that she will appear before the 1922 committee of her Conservative Party tomorrow at 17:00 GMT. The pair was also boosted by news that Jacob Rees-Mogg was supporting PM May’s deal.

The cable headed lower in the American session as the greenback recovered as tracked by the US Dollar Index. The pair’s decline was affected by the mixed releases from the US docket such as upbeat house price index report and the weak consumer confidence index released by the Conference Board.

The currency pair’s future performance is likely to be heavily influenced by Brexit headlines and geopolitical events.

The GBP/USD currency pair was trading at 1.3216 as at 17:44 GMT having dropped from a high of 1.3261. The GBP/JPY currency pair was trading at 146.07 having rallied from a low of 145.00.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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