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Forex traders saw the currency reach a peak not seen since early February, as the pound rose to $1.5965 during this morning's session, Reuters reported.
It rose 0.3 per cent higher on the day by 10:45 BST to reach $1.5942, as demand before the 09:00 BST fixing lifted sterling against its US counterpart during early Forex trading.
Currency speculators may be favouring the British money because the North American Federal Reserve has revealed it holds cautious expectations for the nation's economic performance in the near future.
And strong UK financial data from groups such as HSBC might have led to increased Forex trader appetite for the pound.
It was revealed today the corporate bank's H1 earnings more than doubled, lifting the group's share value more than two per cent.
Posted by Greg Secker
