Forex Traders Buying GBP Pairs
In the last 24 hours the currency markets have seen a trend of Forex Traders Buying GBP Pairs as the UK economy released encouraging figures for December. Investors at forex trading platforms such as eToro have been quick to act upon the sudden strengthening of the Great British Pound against many other currencies at foreign exchange markets across the globe.
During Monday (4th of Jan) the GBP climbed against the USD and many other currencies, due in part to stronger than expected manufacturing figures plus higher mortgage lending approvals for December. The GBP rose to an intra-day high of $1.6242 against the USD before sliding back a little to $1.62 at around 11:30(GMT).
The manufacturing figures released showed the CIPS/Markit purchasing manager’s index at 54.1 points for December which is 2.1 points higher than the predicted 52 point forecast, improving the strength of the UK currency. These better-than-expected manufacturing figures were coupled with figures showing that UK mortgage lending reached its highest level since March 2008 last November which has also helped to further strengthen the GBP.
In stark contrast to the strengthening GBP the USD has been falling after suffering losses across the board. This has led a lot of forex traders to look for safe positions buying the GBP against the USD. With more encouraging noises coming from London and less encouraging noise being heard from the other side of the Atlantic the trend of buying GBP against USD is set to continue.
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