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Bad times for committed sterling bears.
Sterling seems to be finding some upward momentum, cranking as high as $1.29 against the struggling US dollar, a gain of 0.4 per cent on the day to the strongest point since October’s flash crash. Against the euro, the pound has climbed by 0.33 per cent today, to €1.1824.
The pound has enjoyed better support since prime minister Theresa May called a general election for June, with investors encouraged that the vote will clear a path for smoother Brexit negotiations – an argument that has left many unconvinced.
At pixel time, the pound had pulled back a little to $1.2880.