//
According to Reuters, traders were predicting that sterling may face some resistance ahead of breaking the $1.60 barrier as it increased to $1.5991 versus the US currency following a rise of 0.3 per cent.
The news provider noted that the dollar ran into difficulties after the US economic growth annual rate went up by two per cent, although traders had expected better numbers, according to reports.
Further positive news for the pound came against the euro as it hit a three-week high against the single currency.
Earlier this morning, the euro dropped by 0.5 per cent against sterling at 86.97 pence after previously falling to 86.81 pence, its weakest since October 5.
Daragh Maher, currency strategist at Credit Agricole, said the pound had been lagging in the second half of the year, but these positive moves "allowed it to make up some lost ground".
Posted by Greg Secker
