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The Great Britain pound sterling (usually called simply “pound” or “sterling”) is the currency used in the United Kingdom and in British territories. Banknotes were introduced following the creation of the Bank of England in 1694, but the history of the currency can be traced long before that, making the pound the oldest world currency that is still in use. The sterling was the most important currency in the world before the World War I. After the World War II had broken out, several countries (for the most part those that belonged to the British Empire) either introduced the pound as their own currency, or pegged their currencies to the sterling. These countries have become know as the sterling area. The importance of the UK currency and the sterling was diminished after the pound was allowed to float freely in 1972. Subsequently, the role of the major world medium of exchange passed to the US dollar. It is still the fourth most traded currency after the dollar, the euro and the yen. The pound is also used as a reserve currency.
The British pound today fell to new weekly lows on rumours that the British government had initiated plans to prorogue the UK Parliament in order to facilitate a hard Brexit. The GBP/USD currency pair recouped some of its losses later in the session despite the Queen’s decision to suspend the British Parliament.
The Sterling pound today rallied to new monthly highs after British opposition leaders agreed to support legislation aimed at preventing a no-deal Brexit. The Conservative Party criticised the move by the opposition MPs saying that the six leaders who signed the Church House declaration were planning to cancel the votes of 17.4 million people.
The British pound today exploded higher after the German Chancellor Angela Merkel expressed optimism that the Irish backstop issue could be resolved by October 31st. The GBP/USD currency pair rallied to new monthly highs above the crucial 2.2250 level as traders bought the Sterling in anticipation that her remarks would help prevent a no-deal Brexit scenario.
The British pound today fell to new daily lows reversing all of yesterday’s gains as traders remained cautious ahead of Boris Johnson‘s visit to Germany. Most analysts are expecting the British Prime Minister to return empty-handed from his talks with the German chancellor Angela Merkel.
The Brtish pound today fell against the US dollar despite putting up a strong fight as the Labour Party leader Jeremy Corbyn ramped up calls for a general election to unseat the Conservative Party. The GBP/USD currency pair fell at the start of today’s session, then recouped all its losses as it carried over last week’s strength, but fell to new lows in the London session.
The Great Britain pound gained against other most-traded currencies today after Britain’s retail sales rose unexpectedly last month. The threat of a no-deal Brexit continues to hang over the currency, but the sterling largely ignored it today, paying more attention to the positive data.
The Sterling pound today rallied higher against the US dollar in the early London session following the release of the latest UK inflation data, which beat expectations. The GBP/USD currency pair later trimmed its gains as fears of a recession in the UK hit investors following the inversion of the UK yield curve for the first time since the 2008 financial crisis.
The Sterling pound today crashed to fresh 2-year lows after the latest UK GDP report indicated that the country’s economy shrunk 0.2% in the second quarter. The GBP/USD currency pair was also weighed down by other weak UK macro releases including the disappointing industrial production data.
The British pound today fell to new weekly lows after the Sun published a report saying that Boris Johson was planning an election immediately after a hard Brexit. Investors were shocked at the news, which seemed to confirm that the Johnson administration had abandoned all plans to negotiate a deal with the EU.
The Sterling pound today fell to its daily lows as investors reacted to the results of a by-election where the ruling Conservative Party lost a crucial seat. The GBP/USD currency pair later rallied higher after the release of the upbeat US non-farm payrolls data in the early American session.
