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British Pound (GBP) Latest: GBP/USD Trend Higher Still Intact

British Pound (GBP) Latest: GBP/USD Trend Higher Still Intact

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • GBP/USD is under modest downward pressure in early London trade Thursday but its trend higher remains intact and further gains are still likely.
  • The US remains the main driver of the pair, with USD weakened by a dovish Fed, the prospect of more free money and a benign inflation outlook.

GBP/USD strength persists

GBP/USD is modestly lower in early London trading Thursday but, as the chart below shows, it continues to trend higher and further gains are likely in the days ahead.

GBP/USD Price Chart, One Hour Timeframe (February 4-11, 2021)

Latest GBP/USD price chart.

Source: IG (You can click on it for a larger image)

For the time being, developments in the US are driving the pair, as the Federal Reserve remains dovish and is expected to inject still more money into the economy. Moreover, with US inflation still benign, the prospect of the Fed having to change its stance and think about tightening monetary policy remains remote.

Note though that GBP has been firm independently since last September now a no-deal Brexit has been avoided and the UK continues to press ahead with its coronavirus vaccine program. That can be seen in the chart below of its trade-weighted index.

GBP Price Chart, Daily Timeframe (January 14, 2020 – February 11, 2021)

Latest GBP index price chart.

Source: Bank of England

Click here for a forex trader’s guide to the Bank of England

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.