27, February 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

As it was stated by the British finance minister, the government was not aimed at specific levels of the pound sterling.

When asked about the effect of lowering the credit rating of the UK on the country's currency, Osborne recalled the recent statement by the Group of Seven.

G7 issued a competitive statement which makes it clear that they do not focus on the exchange rate. At the rate affects economic policy which is carried out at home to improve the national economy.

Osborne was summoned to parliament to answer some questions. The main question he was asked was about lowering the credit rating of the United Kingdom. As economists said, it can help to increase exports through the weakening of the British pound.

The bound spent the day just above its 31-month low against the dollar, which was set on Monday, and it is still regarded as vulnerable in the expectation that the Bank of England will expand its leniency program to maintain a fragile UK economy.