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According to Reuters, the pound climbed to over $1.60 against the dollar, taking it to a level not seen since November of last year.
Senior currency strategist at RBS Global Banking Paul Robson told the news source that many investors are now "more optimistic" about the UK's economic conditions.
"Although I think it is too early to say the economy has bottomed out, it is hard to ignore the change in sterling sentiment," he was quoted as saying.
At 14:52 BST the pound was up to $1.6012 against the US currency and Daragh Maher of Caylon in London said that the "event-driven" market is likely to weaken the dollar and the yen.
The pound was worth 152.18 versus the yen in afternoon trading, while its price against its European counterpart was €1.1478.
