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GBP vs USD currency overview for 20th October 2017
By Friday GBP/USD was trending near its worst levels in over a week.
While UK news held the Pound down, the US Dollar continued its rally on high Federal Reserve interest rate hike bets and market optimism about the chances of US tax reform.
On Thursday, the US Senate started the process of working on tax reform by passing a budget issued by US President Donald Trump. The possibility of tax reform has excited investors since Trump’s election in 2016 but the plan still has many hurdles ahead of it. Fed rate hike bets remain at over 90%, keeping the US Dollar buoyed.
This update is provided by TorFX, a leading foreign exchange broker. Click here for market leading GBP/USD exchange rates
GBP/USD performance, 20th October 2017
This chart shows how the GBP is performing againt the US Dollar throughout the day.
The red line shows the opening exchange rate at the start of the day so that you can see if the current exchange rate is above, or below, yesterdays’ rate.
The GBP/USD exchange rate (1.3185) is higher than todays opening rate, so the Pound is stronger against the US Dollar compared to yesterday.
The long term chart at the top of this page shows how the GBP/USD exchange rate has performed over the last few months.
GBP/USD is scoring 67 (out of 100) on our trend strength indicator, which indicates that this currency pair is likely to be establishing a strong downwards trend.
Todays GBP/USD exchange rate summary
Highest exchange rate today: 1.3201
Lowest exchange rate today: 1.3086
Opening exchange rate today: 1.315
This article is for information and educational purposes only and does not form a recommendation to invest or otherwise. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.