Following a difficult week for the pound, we look at what lies ahead for the GBP and keep you up-to-date with all major movements throughout the day.

16:00 Latest Pound Spot Rates

GBPUSD has reached daily highs, breaking above the 1.5400 mark for the first time today, down recovering from recent losses and down just 0.0010 or 0.06% - breaking through resistance at 1.5398, the previous session GBP looks to be making some overdue noises in this aftertoons trading as a quiet European morning is followed by a slightly busier afternoon in the US, helping the pound to push on from the 1.54 level. Potential weakness in Europe, particularly after this mornings underwhelming IFO business data have worked alongside support for the dollar to limit the GBP advances. Indeed across the board the GBP seems to be having a difficult day.

The pound is down 0.08% against the euro to 0.8502.

The pound is down 0.37% against the Japanese Yen to 150.380.

The pound is down 0.08% against the US dollar to 1.5406.

The pound is down 0.43% against the Australian Dollar to 1.6652.

Please note that these are spot market quotes to which your bank will affix its own discretionary spread. However, an independent FX provider will guarantee to beat your bank's offer, thus delivering you more currency. Please find out more here.

13.53: GBPUSD moves past previous session highs

GBPUSD has reached daily highs, breaking above the 1.5400 mark for the first time today, down recovering from recent losses and down just 0.0010 or 0.06% - breaking through resistance at 1.5398, the previous session high.

12.32: Kathy Lien encouraged by GBP and UK progress

Currency expert, author and former JP Morgan trader Kathy Lien had this to say on the GBP's recent progress:

"Fridays sell-off in GBP/USD could be a catch up move after yesterday’s resilient performance but we still expect the losses to be limited because compared to other global economies, the U.K. is on firmer footing. The UK’s public financing needs was less than expected in May.

First quarter current numbers and revisions to Q1 GDP are the only noteworthy U.K. economic reports on the calendar this week."

10.37: GBPUSD remains flat in morning trading

GBPUSD remains relatively flat this morning with the markets yet to open in the US and with no notable UK data to shake things up. Following Ben Bernanke’s indication that they will likely begin to scale back the quantitative easing with a few to putting a full stop on it the pair plunged on Wednesday and has since struggled to break above the 1.55 level for any noteworthy amount of time. The pair is currently trading at 1.5358, down 0.4% with today’s range 1.5347 – 1.5405. The pair closed at 1.5419 on Friday.

The 52 week range of the pair is 1.4832 – 1.6381.

10:25: Latest sterling rates in mid-morning trade

 The British pound sterling (Currency:GBP) is under pressure my mid Monday morning:  

The pound euro exchange rate is 0.4 pct in the red at 1.1711.
The pound US dollar exchange rate is 0.41 pct down at 1.5357.
The pound Australian dollar rate is 0.04 pct higher at 1.6734.

Please note that these are spot market quotes to which your bank will affix its own discretionary spread. However, an independent FX provider will guarantee to beat your bank's offer, thus delivering you more currency. Please find out more here.

10.16 - GBP continues to strengthen against the antipodean currencies

The strength of the pound against the antipodean currencies looks set to continue this week with the GBPAUD having reached highs not seen since mid-2010 on Friday. Having opened lower the pair has recovered and looks to be moving towards Fridays highs of 1.6876.

Having breached 2.00 for the first time this year the GBPNZD fell below that before close on Friday and has opened bullishly this morning. It continues to see resistance at Fridays highs of 1.9887 whilst support seems to have been established at 1.9793 having bounced off this area several times since breaching the level on Thursday morning on its rally towards fresh highs not seen since last October.

09.30 - USD remains supported, EURGBP steady & strength in the GBPJPY

EURGBP remained mostly settled following the release of the German IFO data having reached a high of 0.8534 in the lead up to the announcement. Immediately following the announcement at 8am the pair dropped below 0.8520 before quickly recovering to establish new highs.

As the pound strengthened against the Yen overnight the GBPJPY hit highs of 151.73 following the current Japanese Prime Minister winning a majority in regional elections across Tokyo suggesting a positive outcome is looking likely for the elections in a months time.

The GBPUSD remains close to it’s 3 week lows established on Friday as the dollar remains well supported following indications last week that the Federal Reserve is looking at a short-term end to it’s quantative easing program.

07.30 - The Week Ahead For The GBP

As cable ended the weak on a stronger dollar it is looking likely that this pair will continue its bearish run with support for the greenback amidst increasing confidence in the US economy and lack of support for the GBP since the FOMC announcement. 

The pound had gained support against the Euro on Thursday but lost gains overnight before rallying towards the week to reach 1.1751, down slightly on its week opening of 1.1776. 

Whilst there are several events that are likely to impact on the strength of the pound in the week ahead, today is the one day that does not really contain any such event. Tomorrow the UK will release data on mortgage approvals which is used as a key indicator of the strength of the housing sector whilst Wednesday will see the Bank of England publish its financial stability report in addition to the release of retail sales data. The key noteworthy events for the pound are rounded up on Thursday as revised data is released on economic growth from Q1.