UK pound inches up

UK pound inches up

On Tuesday, the UK pound managed to leap notwithstanding fresh uncertainty over Brexit after the shocking resignations of David Davis as well as Boris Johnson because market participants waited for surge data, which could keep Britain’s key financial institution on track for an August rate lift.

The currency pair GBP/USD hit 1.3274 having reached an overnight minimum of 1.3224.

The major UK currency was still on the back foot after on Monday Boris Johnson resigned as UK foreign secretary, becoming the third minister to break up with the authorities in 24 hours, rather than support Prime Minister Theresa May’s plans for a soft Brexit.

Apparently, Johnson’s resignation spurred the likelihood that May could experience a vote of no confidence that could potentially throw her government’s future into doubt.

However, the British pound gained support in the face of reports that May could avert a leadership challenge, keeping alive expectations that a softer Brexit might be the reality.

The UK currency also rallied versus the euro. The currency pair EUR/GBP dived by 0.21% being worth 0.8843.

Market participants were looking ahead to monthly GDP data expected to demonstrate that the British economy keeps reviving from a steep deceleration at the start of 2018.

Firm surge data would spur the case for a rate lift by the Bank of England at its next gathering in August.

Great Britain was also expected to uncover its trade data in addition to figures on industrial as well as manufacturing output.

The evergreen buck was nearly intact, with the USD index, gauging the greenback’s purchasing potential versus six main currencies, hit 93.87.

The common currency stood still. The currency pair EUR/USD showed 1.1745 having ascended to a three week maximum of 1.1790 on Monday.

The evergreen buck soared versus the Japanese yen. The currency pair USD/JPY gained 0.23% coming up with 111.09.



Monday started with volatility
Monday started with volatility

Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.

Latest news

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera