Best Pound Sterling to US Dollar Exchange Rate in Weeks: GBP - USD at 1.6829
- Written by: Gary Howes
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Those looking for the best conversion on the pound dollar currency pairing should note that the GBP now offers the best rates for some time.
The pound to dollar exchange rate is seen trading at 1.6829 on Thursday morning in London. Further gains could indeed materialise, but forecasts warn they could be capped at current levels.
The US dollar to British pound (GBP) exchange rate is therefore at 0.5942.
As our attached image (above) shows, we are in a region of highs that have failed to extend further thus far in 2015.
The chances of a break out north of this level will require news of an incredibly positive nature.
With much good news already priced into the pound dollar exchange rate Pound Sterling Live believe these are good levels to consider for those looking to purchase US dollars.
Note all quotes are reflective of the inter-bank market. Your bank or payment institution is free to levy a rate at their discretion. However, FCA-registered independent providers guarantee to undercut your bank's offer, thus delivering up to 5% more FX.Please learn more here
What is the outlook for the pound dollar exchange rate?
Concerning the forecast, we hear today that the team at Lloyds Banking Research have changed their forecast for the rate.
And for those hoping for higher GBP/USD levels there is will be disappointment.
"We retain our negative view on GBP/USD. If, as we expect, the US economy rebounds in Q2 and the UK current account widens further, GBP/USD is likely to head lower. We forecast sterling to reach €1.25 and $1.60 by year end," say Lloyds.
Downward pressure over much of March has since given way to a recovery in sterling.
GBP/USD has bounced from a late March low of around 1.6450 to re-test mid-February’s 4 1/2 year high just above 1.68.
At Pound Sterling Live we therefore believe these are decent levels for those hoping to buy USD with the pound.
*Update: The UK unemployment rate has smashed through the 7% threshold set by the Bank of England as being a precursor to interest rate rises.
The result has been a sharply higher GBP, we are now seeing even more attractive buying levels.
