Convert GBP to USD
In recent years, Brexit has been one of the biggest factors driving major moves in GBP/USD - fears of a no deal Brexit weaken the Cable, while positive developments towards finalizing a trade deal between Britain and the EU help push GBP/USD’s exchange rate higher.
The Cable is most active when markets in London and New York are open. This is the time when most market moving events that can impact this currency pair and its exchange rate occur, making it the best time to capture quick moves. For day traders, the ideal time to trade GBP/USD falls between 0600 and 1600 GMT.
The Pound Sterling shares a positive correlation with currencies like the Euro and the Swiss Franc. As a result, one of the pairs that GBP/USD is positively correlated with is EUR/USD. On the other hand, it shares a negative correlation with USD/CHF.
The GBP strengthened to a high of 1.3393 against the USD on 1 September 2020. So far this year, the weakest level GBP/USD has reached was when it fell to 1.1492 on 19 March 2020.