By: Mahmoud Gamal

Mubasher: The British pound gained in London’s early trades on Thursday after the prime minister Theresa May told leaders at the World Economic Forum (WEF) in Davos that the UK will become a "world leader" on trade.

Moreover, UK chancellor of the exchequer Philip Hammond told Bloomberg in an interview today that he was confident the GBP will find an "appropriate level" as his country continues with its Brexit plan.
"We are confident the markets do work and that sterling will find its appropriate level at any given time," he added. 

The GBP-USD grew 0.5% to $1.2321 by 0940 GMT. Thursday’s rise follows a series of declines for the pound amid uncertainty about Brexit and the UK leaving the European Union’s single market.

Currency analyst Ahmed Zidan told Mubasher that the UK’s positive inflation data along with Hammond’s and May’s comments on Thursday have helped the sterling rise.

Currency traders are interested in purchasing the GBP at $1.2250-$1.2220, Zidan noted, adding that he expects the GBP-USD to extend its gains and attempt to pass $1.245 next week.

Translated by: Nada Adel Sobhi