The pound pared earlier losses to trade slightly higher above $1.34, as investors weighed developments in Middle East diplomacy alongside shifting expectations for UK interest rates. According to Axios, US and Iranian negotiators have reportedly agreed on a 60-day memorandum of understanding to extend a ceasefire and begin negotiations over Iran’s nuclear program, though final approval from President Trump remains pending. Despite the tentative progress, geopolitical tensions persist, with continued US–Iran exchanges and renewed Israeli strikes on Hezbollah targets in Lebanon despite a fragile ceasefire. The resulting decline in oil prices helped ease inflation concerns, prompting investors to slightly scale back expectations for further Bank of England rate hikes. Sentiment was also influenced by recent UK data pointing to a cooling labor market, softer-than-expected inflation, and signs of moderating economic activity.
The GBP/USD exchange rate rose to 1.3442 on May 28, 2026, up 0.11% from the previous session. Over the past month, the British Pound has weakened 0.24%, and is down by 0.36% 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 May 28 of 2026.
The GBP/USD exchange rate rose to 1.3442 on May 28, 2026, up 0.11% from the previous session. Over the past month, the British Pound has weakened 0.24%, and is down by 0.36% 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.