$5 billion bet on the British pound surging, approaching the key psychological level of 1.30
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The British pound is currently trading strongly, approaching the psychological barrier of 1.30. Around $5 billion is being bet on the pound to rise further. The pound is more attractive compared to other currencies, as the optimistic sentiment of the Labour Party's new government and the improvement in economic growth have dampened expectations of an interest rate cut. The Bank of England has postponed the timing of an interest rate cut. The UK's economic growth has exceeded expectations, bringing encouragement to the British Prime Minister. Next week, the UK will release inflation data for June, which may test the bullish trend of the pound
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