The pound climbed to $1.343, its highest since mid-June, and marking its second consecutive weekly increase against the dollar. This surge follows expectations that the Bank of England will raise interest rates later this year, with money markets pricing in at least one hike and a 25% chance of a second. Sterling has rebounded over 2% since hitting a seven-month low in late June, after Labour Prime Minister Keir Starmer announced his resignation. Andy Burnham is set to take over as party leader when the leadership contest concludes on Friday, July 17, and is expected to formally become prime minister on Monday, July 20. The pound’s rise also comes as Brent crude reached two-week highs this week due to renewed US-Iran hostilities, though peace negotiations are set to continue. With the UK more reliant on energy imports than many of its neighbors, its markets remain particularly sensitive to oil price fluctuations.
The GBP/USD exchange rate fell to 1.3394 on July 10, 2026, down 0.05% from the previous session. Over the past month, the British Pound has weakened 0.17%, and is down by 0.69% over the last 12 months. Historically, the British Pound reached an all time high of 2.86 in December of 1957. British Pound - data, forecasts, historical chart - was last updated on July 12 of 2026.
The GBP/USD exchange rate fell to 1.3394 on July 10, 2026, down 0.05% from the previous session. Over the past month, the British Pound has weakened 0.17%, and is down by 0.69% over the last 12 months. The British Pound is expected to trade at 1.35 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.37 in 12 months time.