The British pound climbed toward $1.36, approaching last week’s two-month peak of $1.366, as optimism grew over a potential US-Iran agreement. US President Donald Trump announced a pause in "Project Freedom," the operation guiding ships through the Strait of Hormuz, citing "great progress" in mediated talks with Iran. However, he emphasized that the US blockade of ships to and from Iranian ports would "remain in full force and effect," leaving uncertainty over the Strait’s future. Meanwhile, investors focused on Britain’s municipal elections on Thursday, with polls suggesting Prime Minister Keir Starmer’s Labour Party might face a significant setback. Markets are pricing in at least two quarter-point rate hikes from the Bank of England this year, with Governor Andrew Bailey describing the recent hold as a "difficult judgement call," warning that waiting for clearer inflationary pressures could risk a delayed response.
The GBP/USD exchange rate rose to 1.3595 on May 6, 2026, up 0.40% from the previous session. Over the past month, the British Pound has strengthened 2.29%, and is up by 2.28% 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 6 of 2026.
The GBP/USD exchange rate rose to 1.3595 on May 6, 2026, up 0.40% from the previous session. Over the past month, the British Pound has strengthened 2.29%, and is up by 2.28% over the last 12 months. The British Pound is expected to trade at 1.36 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.39 in 12 months time.