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The move so far today means the currency pair has now risen over one per cent since yesterday morning, and with the Federal Reserve interest rate decision due tomorrow, it will be interesting to see if the pound can hold onto the gains.
GBP/USD graph
Why has the GBP/USD cross risen?
The pound has been edging up against the U.S. dollar today after Chancellor Phillip Hammond stated last night that he supported the idea of a staggered transition period for the UK's exit from the European Union.
As well as backing the staggered approach he also mentioned the remaining EU countries would benefit from Britain's gradual withdrawal, raising investor's hopes the government will opt for a "soft Brexit" in order to maintain the UK's access to the single market.
What will the Federal Reserve do?
Much of the focus will be on the Federal Reserve and Chair Janet Yellen over the next couple of days. As I have mentioned before, the Fed are set to announce their latest interest rate decision tomorrow evening, and although the markets rate the chances of a rate hike at 100%, I still think we could see some movement for dollar crosses tomorrow.
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