Invesco CurrencyShares British Pound Sterling Trust
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
FXB$128.28-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338691
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450284
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 27 previous paragraphs and 36 current paragraphs.
21 unchanged; 3 reworded; 9 added; 3 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
The British pound (GBP) delivered flat performance during the third quarter of 2026. Sterling strengthened through much of the summer as the U.S. dollar softened and investors reassessed the outlook for Bank of England policy, but those gains faded in September as resilient U.S. economic data, a Federal Reserve rate hike and resulting higher U.S. yields supported the dollar. In the UK, the Bank of England held rates steady at 3.75% at each of it's meetings in both July and September, though some policymakers favored an increase as higher energy costs pushed inflation upward. Expectations that UK rates could remain elevated helped support the pound, though softer labor-market conditions, concerns about the growth outlook and fiscal uncertainty remained headwinds for the pound.
Current report
The British Pound Sterling (GBP/USD) came under some pressure in the third quarter of 2025. While the largest headwind
Current report
was regained USD strength, the pound was also influenced by the combination of renewed central bank policy uncertainty and
Current report
stagflation risk domestically. In the UK, fiscal sustainability concerns remained at the forefront ahead of the autumn budget deadline,
Current report
as higher borrowing costs had strained public finances along with political pressures to retain higher spending levels. While UK
Current report
inflation remained sticky, limiting the depth and pace of the Bank of England’s easing cycle, growth also faded, and policy uncertainty
Current report
around these trends weighed on the pound.
Current report
The British Pound Sterling (GBP) delivered modestly negative performance year-to-date through the third quarter of 2026 as periods of Sterling strength were outweighed by renewed U.S. dollar gains. The pound faced pressure earlier in the year from geopolitical uncertainty, higher energy costs and concerns about UK growth and political stability. Sterling recovered during parts of the summer as the dollar weakened and expectations for tighter Bank of England policy increased, but the advance reversed late in the third quarter as the September Federal Reserve rate hike boosted U.S. yields, favoring the U.S. dollar. The Bank of England maintained Bank Rate at 3.75% through September, with a minority of policymakers supporting a hike as inflation rose, providing some support for sterling but not enough to offset broader dollar strength over the period.
Current report
the dollar recovered modestly in the third quarter, erasing some of the earlier gains in the pound. In the third quarter, while the U.S. Dollar benefitted from positive economic data surprises and progress on trade agreements, headwinds from the first half of the year persisted – notably, the Federal Reserve returned to cutting rates in September and the USD debasement trade grew in popularity.
Removed paragraphs (3)
Previous report
The British Pound Sterling (GBP) delivered negative performance during the second quarter of 2026 as the U.S. Dollar ("USD") strengthened amid a more hawkish U.S. interest rate outlook and continued safe-haven demand from geopolitical tensions. However, interest income helped the fund post a small gain to end the quarter. While progress toward a U.S.-Iran ceasefire and easing concerns over Middle East energy supply disruptions reduced some of the energy-related risks facing the U.K. economy, sterling was weighed down by signs of slowing U.K. economic growth and increased political uncertainty following Prime Minister Keir Starmer's resignation announcement in June. The Bank of England ("BoE") maintained the Bank Rate at 3.75% throughout the quarter, with some policymakers favoring rate hikes as inflation remained above target. This provided some support but was not enough to offset USD strength.
Previous report
The British Pound Sterling (GBP/USD) ended the second quarter of 2025 significantly higher, driven primarily by continued weakness in the USD. Despite a 25 basis-point rate cut by the BoE during the quarter, the pound appreciated as investors moved away from the dollar amid persistent concerns over U.S. economic policy and deteriorating sentiment toward American assets. The dollar’s broad-based decline was the dominant force behind the pound’s strength, overshadowing domestic monetary policy decisions in the UK.
Previous report
The British Pound Sterling (GBP) delivered negative performance year-to-date through the second quarter of 2026 as a stronger USD and heightened geopolitical uncertainty outweighed periods of sterling resilience. In the first quarter, GBP was pressured by rising Middle East tensions, which drove higher energy prices and increased demand for the USD as a safe-haven asset. During the second quarter, easing concerns over energy supply disruptions provided some relief, but sterling continued to face headwinds from slowing U.K. economic growth and heightened political uncertainty following Prime Minister Keir Starmer's resignation announcement in June. The BoE maintained a relatively restrictive policy stance throughout the period, including holding the Bank Rate at 3.75% in June with some policymakers favoring rate hikes, which provided some support, but was insufficient to overcome the broader strength of the USD.
Reworded paragraphs (3)
Previous wording
During the three and six months ended June 30, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three and six months ended June 30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three and six months ended June 30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2026 and 2025 cannot be known, it is believed that they may have independently affected the Closing Spot Rate, the interest rate paid by the Depository, and global economic and market conditions generally, including the number of Shares created and redeemed by the Trust.
Current wording
During the three and nine months ended September 30, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three and nine months ended September 30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three and nine months ended September 30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three and nine months ended September 30, 2026 and 2025 cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets, including the number of Shares created and redeemed by the Trust.
Previous wording
The British Pound Sterling (GBP/USD) posted strong gains year-to-date through the second quarter 2025, largely driven by sustained weakness in the USD. In the first quarter, the pound advanced steadily as investors reacted to shifting expectations around U.S. monetary policy and growing concerns over the fiscal outlook in the U.S. That trend continued into the second quarter, with the USD facing additional pressure from unclear trade policies and deteriorating sentiment toward American assets. Despite a 25 basis-point rate cut by the BoE during the second quarter, the pound continued to strengthen, reflecting that the primary driver of performance has been the broad based decline in the USD.
Current wording
The British Pound Sterling (GBP/USD) posted strong gains year-to-date through the third quarter of 2025, largely driven by
Previous wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year, with the current interest rate at 2.46%, as set forth in the FXB Rate Chart above. As long as the interest income, if any, exceeds the Sponsor’s fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Current wording
Additionally, the interest rate paid by the Depository has remained flat over the past year, with the current interest rate at 2.46%, as set forth in the FXB Rate Chart above. As long as the interest income, if any, exceeds the Sponsor’s fee and the interest expense on currency deposits, the Trust will generate net comprehensive income.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
sustained weakness in the U.S. dollar. In the first quarter, the pound advanced steadily as investors reacted to shifting expectations
Current report — wording carried from elsewhere
around U.S. monetary policy and growing concerns over the fiscal outlook in the U.S. This trend continued into the second quarter,
Current report — wording carried from elsewhere
with the dollar facing additional pressure from unclear trade policies and deteriorating sentiment toward American assets. However,