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GBPUSD rises to 2024 high on positive data and dollar weakness

The British pound (Symbol: GBPUSD) surged to its highest level of 2024 against the US dollar. Looking at the charts, the GBP/USD pair has been on a bullish run, with the price marking its fourth consecutive day of gains. This upward momentum has been supported by a combination of robust UK economic data and a weaker US dollar. The UK’s stronger-than-expected economic performance has fuelled optimism about the country’s growth prospects, while the dollar has softened on expectations of a potential shift in Federal Reserve policy. Learn more about the reasons behind the British pound rising.

why pound rising

Disclaimer:

The rise of GBPUSD to a high in 2024 suggests strong bullish momentum, but the upcoming Jackson Hole event could introduce volatility. Traders should closely monitor Powell’s remarks, as any hints toward a larger-than-expected rate cut could further weaken the dollar and push GBPUSD higher. However, if the Fed signals a more hawkish stance, the rally could face a swift reversal. Traders should remain discipline in risk management

Publication date:

2024-08-24 15:00:09 (GMT)

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