GBP/USD since 1999: yearly changes, best months and the biggest falls
28 years of daily prices in numbers: the average year, the best and worst months, every big fall and how long the recovery took. Prices to 15 October 2026.
The British pound against the US dollar, the pair traders call cable. A rising rate means a stronger pound.
On 15 October 2026, GBP/USD stood 37.1% below its highest close since 1999, on 8 November 2007. Over the past twelve months its highest close was 6% above its lowest.
How far GBP/USD stood below its highest close, week by week since 1999
GBP/USD average change over the last 5, 10 and 20 years
Over the last 10 years GBP/USD rose 0.8% a year on average, +8% in total. The table shows the average yearly change for each span up to 15 October 2026.
| Period | From | A year on average | In total |
|---|---|---|---|
| Last 1 year | 15 Oct 2025 | −0.8% | −1% |
| Last 3 years | 13 Oct 2023 | +2.8% | +9% |
| Last 5 years | 15 Oct 2021 | −0.7% | −4% |
| Last 10 years | 14 Oct 2016 | +0.8% | +8% |
| Last 20 years | 13 Oct 2006 | −1.7% | −29% |
The average year
From 2000 to 2025, GBP/USD rose in 13 of 26 calendar years. The average year gained −0.2% and the median year +1.1%. The best year was 2006 (+13.9%), the worst 2008 (−27.2%). This year to 15 October: −1.6%.
* Year to date.
Best and worst months
April has been the strongest month on average (+1.0%, higher in 21 of 28 years) and February the weakest (−0.6%, higher in 11 of 28). The gaps between months are small next to the swings inside any single month, so read them as tendencies, not rules.
Average change of GBP/USD by calendar month, 1999–2025
The biggest falls, and how long the way back took
The deepest fall since 1999 took GBP/USD 49.7% below its high of 8 November 2007, with the low on 28 September 2022. It has not closed above that high since.
| High | Low | Fall | Fall took | Back at the high | Recovery took |
|---|---|---|---|---|---|
| 8 Nov 2007 | 28 Sep 2022 | −49.7% | 14.9 years | not yet | 4.0 years so far |
| 21 Oct 1999 | 13 Jun 2001 | −17.8% | 20 months | 16 Jun 2003 | 2.0 years |
| 16 Dec 2004 | 22 Nov 2005 | −12.5% | 11 months | 30 Nov 2006 | 12 months |
| 17 Feb 2004 | 14 May 2004 | −8.1% | 3 months | 30 Nov 2004 | 7 months |
| 16 Jun 2003 | 3 Sep 2003 | −7.1% | 3 months | 22 Oct 2003 | 49 days |
How much it moves in a day
On a typical day GBP/USD closes about 0.3% higher or lower. A move of more than 2% happened on 1% of trading days, and a move of more than 5% once in 7,114 days. The largest rise was +4.0% on 19 March 2009; the largest fall −7.8% on 24 June 2016.
| Day | Average change | Days higher | Days counted |
|---|---|---|---|
| Monday | −0.02% | 51% | 1,405 |
| Tuesday | 0.00% | 50% | 1,434 |
| Wednesday | +0.01% | 51% | 1,434 |
| Thursday | +0.03% | 52% | 1,434 |
| Friday | −0.03% | 48% | 1,407 |
Differences between weekdays are small and change from decade to decade. They are not a reason to trade on a given day.
Questions people ask
What is the best month for GBP/USD?
No month is reliable. Since 1999, April has been the strongest on average (+1.0%, higher in 21 of 28 years) and February the weakest.
How much has GBP/USD gained since 1999?
From 4 January 1999 to 15 October 2026: −20% in total, or −0.8% a year.
What was the biggest fall in GBP/USD?
−49.7% from 8 November 2007 to 28 September 2022; it has not recovered yet.
How much does GBP/USD move in a day?
About 0.3% on a typical day. Days with a move of more than 2% made up 1% of all trading days since 1999.
How many pips does GBP/USD move in a day?
From one ECB reference rate to the next, the median change was 30 pips over the past twelve months and 47 pips since 1999. A pip here is 0.0001. The distance between a day's high and low is larger.
About these numbers
Source: the European Central Bank's daily reference rates, one rate each working day, set in the early afternoon in Frankfurt; the US dollar pairs are computed from the euro rates. Daily reference rates from 4 January 1999 to 15 October 2026. Before use, the series was checked for gaps and for jumps that are data errors rather than market moves. Reference rates are set once a day, so a fast day in the market can look different from the close of a trading platform.
This page describes past prices. It is not advice to buy or sell anything.