UK Economy Growth in January Boosts British Pound, US Jobs Data to Decide GBP/USD Fate
The British Pound has been on an upwards trajectory following the release of the latest GDP figures, which showed that the UK economy expanded more than expected in January. The data was seen as a positive sign for the Sterling and it rose against many major currencies including US Dollar.
Analysts believe that this could be just the start of a longer-term trend for GBP/USD, with further gains likely if upcoming jobs data from America is favorable. This will be key to determining whether or not Sterling can continue its recent surge against its American counterpart.
In addition to this, there have also been reports suggesting that Britain’s economic recovery is strengthening and gathering pace after months of stagnation due to Brexit uncertainty and coronavirus restrictions. If these predictions prove correct, then it could provide another boost for GBP/USD in the coming weeks and months ahead as investors become increasingly confident about Britain’s economic prospects going forward.
Overall then, while there are still some risks associated with investing in the Sterling at present time, it appears likely that further gains may be made should upcoming US jobs data come out positively later this week – something which would certainly benefit those looking to make money from trading foreign exchange markets involving both Pounds & Dollars alike!.Read more at DailyFX