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Forex traders will have noted that the pound hit the rate yesterday and it has managed to increase by 0.3 per cent at $1.6045 early today, Reuters reports.
But Thursday morning saw sterling hit $1.6067 after the US currency was affected by Singapore opting to increase the trading band of its dollars.
In addition, analysts said the outlook for the pound is currently supportive against the greenback.
Michael Hewson, analyst at CMC Markets, said: "While we are able to stay above yesterday's intraday pullback low at $1.5970, momentum should be sustained for a move towards $1.6250."
The news provider noted that the dollar has recently been "pummelled" by weak US data, which has reinforced expectations that the Federal Reserve could soon be pumping money into the American economy, as traders wait for a speech by Fed chairman Ben Bernanke, Reuters reported.
Posted by Chris Weaver
