By Michael Vaughan

GBP rates had a strong day against both the US and Canadian Dollar gaining 0.6% and 1.5% respectively. This has brought GBP levels to a near 3 month high against the greenback and created some good buying opportunities in the current climate.

As for GBP/CAD today’s movement has taken levels near the highs of beginning of the month when the GBP/CAD breached 1.60 for the first time since February.

With little data due for release tomorrow and the general trend positive for the pound in recent weeks, we could see a small reversal tomorrow caused by profit taking, therefore if you are buying dollars you may wish to trade early tomorrow.