GBP/USD chalked in another third of a percent gain on Tuesday, squeezing out a fresh 13-month high and closing in the green for a third straight day as the Pound Sterling capitalizes on broad-market Greenback weakness.
GBP/USD pressed into a new 13-month high on Tuesday. Pound Sterling continues to rally on broad-market Greenback weakness. Markets are tilting toward Thursday’s Jackson Hole Economic Symposium kickoff. Market sentiment is holding on the high end ahead of key business activity survey results, and the upcoming kickoff of the Jackson Hole Economic Symposium. Wednesday will give markets another opportunity to take a breather before high impact data gets underway in the back half of the trading week.
It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England .
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