The GBP/USD exchange rate has been steadying near the 1.2150 level this week, with traders expecting the pair to make gains by the end of the week. The GBP/USD exchange rate has been on a steady climb since the start of the year, and it looks set to continue its upward trend.
The GBP/USD exchange rate has been supported by strong economic data from the UK, with the UK economy showing signs of recovery. The UK economy is expected to grow by around 3% this year, with the Bank of England forecasting a strong recovery in 2021. This has helped to support the GBP/USD exchange rate, as investors are more confident in the UK’s economic outlook.
The US dollar has also been weak against the pound this week, as investors are concerned about the US economy. The US economy is expected to contract by around 3.5% this year, and there are worries that the US could slip into a recession if the coronavirus pandemic persists. This has weighed on the US dollar, and has helped to push up the GBP/USD exchange rate.
The GBP/USD exchange rate is also being supported by Brexit negotiations. The UK and EU have been locked in negotiations for months, and there is now a sense that a deal could be close. This has boosted investor confidence in the pound, and has helped to push up the GBP/USD exchange rate.
Overall, the GBP/USD exchange rate looks set to make gains by the end of the week. The UK economy is showing signs of recovery, and Brexit negotiations are progressing. This has helped to boost investor confidence in the pound, and has pushed up the GBP/USD exchange rate. With this in mind, traders can expect the GBP/USD exchange rate to remain steady near the 1.2150 level, with further gains likely by the end of the week.
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