The Great Britain pound rallied against its major peers today, extending the upward move that has started at the beginning of the last week. The currency rose even though yesterday’s economic data from the United Kingdom was rather negative.
The sterling has received support from Bank of England policy minutes earlier this week, and it looks like the report was positive enough to continue push the currency higher till the weekend. There are plenty negative factors for the pound like yesterday’s data that showed an unexpected drop of retail sales and uncertainty regarding the outcome of the May elections. Yet the UK currency shrugged off all the negativity and continued to move higher, touching the highest level in more than a month against the dollar and the yen.
GBP/USD rose from 1.5055 to 1.5152 and GBP/JPY rallied from 180.00 to 180.83 as of 12:45 GMT today.
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