The Pound Sterling edged off of its recent peaks as investors decided to book their profits as they assess the Pound's future given the latest developments with the Brexit. As of now, there is still no certainty as to when the UK will withdraw from the European Union, nor what terms they will do that on. However, hope that the British government will have more time to thrash out the details with a postponement of the leave date had provided Sterling with some upward momentum.
As at 10:53 am (GMT) in London, the GBP/USD was trading at $1.3294, down 0.0954%; the pair has ranged from a trough of $1.3273 to a high of $1.3319 in today's session. The EUR/GBP was trading higher at 0.8575 Pence, a gain of 0.364%; the pair is moving off the earlier peak of 0.85784 Pence.
US GDP in Focus
Later today, market players will focus their attention on the release of preliminary growth data from the United States. The latest poll of economists and analysts shows a fall to 2.3% annualized for the 4th quarter of 2018, down from the previous reading of 3.4%. Also being released today are US jobless claims, both continuing and new, with forecasters calling for a rise in the figures in both cases. A disappointment, especially in the GDP numbers, will put pressure on the greenback; currently, the EUR/USD is trading at $1.1405, up 0.2911%.