GBP rose on Friday against a basket of global currencies, continuing to recover for the second day in a row from a seven-month low against the US dollar as the greenback continued to drop from an 11-month high against a basket of major and minor currencies, The prospect of a rise in British interest rates this year.

The pound rose against the dollar by 0.4% as of 06:45 GMT, trading at $ 1.3280, the opening price of the day at $ 1.3231, the highest at $ 1.3284 and the lowest at $ 1.3224.

GBP ended yesterday’s trading up 0.5% against the dollar, its first gain in four days, recovering from a seven-month low of $ 1.3101 recorded earlier in the session, as well as the results of the BoE meeting.

GBPUSD chart

The dollar index fell by 0.3% on Friday, continuing its second day in a row from an 11-month high of 95.21 points, reflecting the continued acceleration of the correction and profit taking on the US currency against a basket of major and secondary currencies.

USD is also under pressure from weak economic data from the US. Philadelphia’s manufacturing sector fell to a one-and-a-half year low in June, as did long-term US bond yields.

The British central bank held steady interest rates on Thursday at 0.50%, as well as the asset purchase program at £ 435bn, but there was a significant change in the rate hike to 0.75% after the bank’s chief economist Andy Halden joined two members Others asked to raise interest rates during the two previous meetings, so that the number of claimants to raise interest rates three members versus six asking for continued interest at current levels.

Following the results of the vote, the likelihood of an increase in British interest rates rose this year, especially during a meeting in August or September. Members wishing to raise interest rates indicated concerns about rising wages and continuing inflationary pressures.