MUFG: Sterling resilience supports GBP/USD above 1.3500
MUFG's Lee Hardman notes the British pound is the best performing major currency in August, with GBP/USD back above 1.3500 as the UK economy shows resilience to the energy price shock linked to the US-Iran conflict.
GBPUSD
The British pound has been the strongest major currency in August, according to MUFG's Lee Hardman. GBP/USD has moved back above 1.3500, supported by signs that the UK economy is absorbing the energy price impact from the US-Iran conflict.
UK GDP rose 0.4% in the second quarter, following a 0.6% increase in the prior quarter. The resilience in growth is helping sterling extend gains against the dollar.
Source: FXStreet Forex News