GBPUSD Hits One Week High, UK Economic Outlook Supportive

Published on Jan 23, 2024 12:37

British Pound continued to edge higher against the US dollar today, adding to recent gains as positive economic outlook supported the sentiments. The GBPUSD pair currently quotes at 1.2750, up 0.32% on the day and hitting one week high. On the NSE, GBPINR futures are quoting at 105.88, up 0.48% on the day after a strong opening. According to Winter forecast from EY Item Club, the UK`s long-standing economic stagnation was expected to see relief in the coming year. EY Item Club now anticipated a 0.9% increase in GDP for 2024, up from its previous estimate of 0.7%. Its projection for 2025 was also upgraded to 1.8%, compared to the earlier estimate of 1.7%. The FTSE 100 index gained 0.35% to close at 7,487.71 points in last session, extending a recovery from six week low.