The Pound is rising quickly. Overview for 23.06.2021

GBPUSD continues growing while market conditions are favourable. 

The British Pound is overcoming all possible obstacles and still rising against the USD. The current quote for the instrument is 1.3967.

A pause in the USD strengthening helped the Pound to gain speed. The British currency is still growing and waiting for more reasons to continue its improvement while the “greenback” is consolidating. 

The statistics published earlier were good – the CBI Industrial Order Expectations showed 19 points in June after being 17 points the month before and against the expected reading of 16 points. The actual reading is the highest since 1988.

It’s all about the gradual removal of social restrictions after the coronavirus pandemic. An aggressive vaccination campaign and a slow return to the country’s economy to its normal rhythm help manufacturers and consumers to become more active. Moreover, positive tendencies can be traced in most of the manufacturing reports, thus allowing us to expect a further positive trend in the third quarter of 2021.

Later today, one should pay attention to the statistics on the Manufacturing and Services PMIs for June. These are flash reports, which are expected to show declines.