GBPUSD Rallies To New 2020 High

Access To Financial Markets Made Easy • Aug 19, 2020 at 4:48 AM EDT

The British pound advanced for a fifth consecutive day against the US dollar, helping to erase this year's drop and sending the currency pair to a new high for 2020.

The British pound advanced for a fifth consecutive day against the US dollar, helping to erase this year's drop and sending the currency pair to a new high for 2020. Much of the move has been helped by a falling US dollar which traders have shunned due to rising coronavirus infections hampering the US economy.

GBPUSD rallies to new 2020 high

While the British pound was provided with a boost from the UK Chancellor Rishi Sunak's mini-budget last month, some traders still fear the end of the government's furlough scheme in October and the deadlocked Brexit talks.

In a new round of talks this week, however, Downing Street announced a post-Brexit trade deal could be done with the EU next month. The two sides still remain divided over fishing rights and competition rules.

Friday will also be a key day for the British pound with the latest figures released for Retail Sales, Manufacturing and Services PMI.

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