The Great Britain pound dropped today as the outlook for the nation’s economy was pessimistic today, damping demand for the sterling.

The pound sometimes considered a refuge from the problems in Europe as traders flee to the currency from the euro. It looks like today traders were more concerned with the economic health of the UK that isn’t much better than Europe’s. Japan’s intervention allowed the sterling to advance against the yen despite the negative outlook for Britain.

GBP/USD fell from 1.6129 to 1.0613 today as of 14:37 GMT after reaching the daily minimum of 1.5963. GBP/JPY jumped from 122.04 to 127.29 before trading at 125.66 today. Currently, both currency pair reversed their trend.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.