The pound held at $1.343 as investors assessed S&P Global flash PMI data and Middle East developments. The survey revealed the UK economy contracted in May, ending a 12-month streak of growth, amid rising political uncertainty and the growing impact of the Middle East conflict. Businesses reported falling output, surging inflation, supply shortages, and job cuts. The weak PMI followed earlier data showing April inflation undershot expectations and the jobs market unexpectedly softened, complicating the Bank of England’s task as it is expected to raise interest rates at least twice this year. At the same time, Brent crude prices held near four-year highs amid concerns over a deadlock in Iran nuclear talks. In the UK, Chancellor Rachel Reeves announced a cost-of-living package, including the suspension of tariffs on over 100 supermarket foods and temporary VAT cuts on summer attractions.
The GBP/USD exchange rate fell to 1.3406 on May 21, 2026, down 0.21% from the previous session. Over the past month, the British Pound has weakened 0.71%, and is down by 0.10% 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 21 of 2026.
The GBP/USD exchange rate fell to 1.3406 on May 21, 2026, down 0.21% from the previous session. Over the past month, the British Pound has weakened 0.71%, and is down by 0.10% over the last 12 months. The British Pound is expected to trade at 1.34 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.36 in 12 months time.