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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 dropped to new lows today following the failed Brexit summit in Salzburg where the EU rejected Britain’s Chequers Plan. The GBP/USD currency pair was further weighed down by the US dollar’s recovery, which drove the cable lower.
The British pound today rallied higher against the US dollar following the release of the latest UK retail sales data in the early European session, which beat expectations. The GBP/USD currency pair hit new 2-month highs following today’s releases and the weaker US dollar, but remains susceptible to Brexit headlines.
The Sterling pound today rallied higher against the US dollar following the release of the latest UK inflation data, which beat expectations by a huge margin. The GBP/USD currency pair today rallied to new six-week highs following the positive releases, but later dropped to new lows due to negative Brexit headlines.
The British pound today managed to hold on to yesterday’s gains following the disappointing US inflation figures that triggered its rally. The GBP/USD currency pair today rallied slightly higher to trade very close to its 6-week high and held on to its gains during the BoE Governor Mark Carney‘s speech today.
The Sterling pound today traded sideways immediately after the Bank of England announced its interest rate decision, which was in line with expectations. The GBP/USD currency pair headed lower afterwards even as investors adjusted to the rate decision while looking forward to other fundamental triggers.
The Sterling pound today declined against the US dollar following the release of the latest UK jobs report in the early European session. The GBP/USD currency pair’s decline was largely due to risk aversion among investors reacting to the latest headlines in the Sino-US trade war.
The British pound today rallied higher against the US dollar following the release of the UK GDP monthly estimate for July, which came in above expectations. The GBP/USD currency pair’s rally was slowed down by the weak manufacturing output print, which indicated that manufacturing activity contracted in July.
The British pound today dropped to new lows extending yesterday’s decline following the release of disappointing UK construction data earlier today. The GBP/USD currency pair later rallied higher following the testimony by the Bank of England Governor before the UK parliament where he promised to help smooth the Brexit process.
The British pound today fell to new lows against the US dollar based on the uncertainty surrounding the Brexit negotiations as both the EU and the UK stick to their opposing positions. The GBP/USD currency also headed lower following the release of the latest UK manufacturing data, which revealed zero expansion in the sector.
The Great Britain pound declined today due to the negative market sentiment and concerns that the United Kingdom will leave the European Union without securing a trade deal first. The sterling was heading to weekly gains, but will likely end August with the fifth consecutive monthly drop.
