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Selling up 0.4 per cent against the North American currency at 11:15 BST, Reuters reported it reached a 20-week peak of $1.5663, which may have encouraged Forex traders to invest in the money.
Audrey Childe-Freeman, senior currency strategist at Brown Brothers Harriman, commented: "The price action in sterling is good. Data has been surprising to the upside and the market doesn't want to buy dollars ahead of the U.S. [gross domestic product] data."
British economic statistics over the last week have backed the positive currency trend and even indications of a weakening housing sector were not enough to derail sterling's rise.
The publication reported the dollar was under selling pressure following the strong performance of domestic equity markets in July and ahead of the end of monthly trading tomorrow.
Posted by Greg Secker
