Last week saw sterling up on multi-month highs against the euro and US dollar. This week has started on the back foot with some reasonable consolidation, with the pound losing some but not all of the gains.

Similar to the other dollar majors, GBP/USD has been on a straight-line decline for the best part of nine weeks now after hitting 1.3126 in the middle of July. However, this week, the decline has been modest, and as of Thursday afternoon, it looks like the pound could finish the week reasonably...

The pound has been contained within a fairly tight trading range over the past week, with GBP/USD only briefly moving below 1.2300 (low 1.2263), whilst also failing to break over 1.2450 after several attempts. The latest batch of data releases have hardly helped the pound’s cause...

The Bank of England delivered another 50bps rate hike this week, raising UK rates to a 15-year high of 4% in the process. In doing so, the BoE also delivered what we in markets might refer to as a ‘dovish hike’, which may sound like a gymnastics move, but really only suggests...

After last week’s sudden drop in the pound, with GBP/USD slipping from a top approaching 1.2500, to briefly testing support below 1.2000 earlier this week, the pound has stabilised over the latter part of the week, rising to 1.2200 at one point on Thursday. The broader pound has fared well,...

UK data has largely exceeded estimates of late, with stronger employment and (some) growth helping to banish the recent slew of pessimistic forecasts. The latest inflation data also reflected further softness, with headline inflation declining...

Having bucked the broader trend and surprisingly increased during the previous month, Nationwide House Prices declined by the fastest pace in 13 years last month, highlighting the negative impact to the market from the plethora of BoE interest rate hikes over the...

BoE governor Andrew Bailey admitted this week that UK interest rates my need to stay higher for longer than had been expected, as persistent UK inflation forces the BoE’s hand. Speaking at the ECB’s annual conference in Portugal, Bailey highlighted market-implied expectations...

A combination of factors has combined to drive the pound materially lower this week.

The UK government new borrowing requirements more than halved (during 2021-22) from the previous year...