This morning has seen the GBP/USD exchange rate rise to its highest level since the 5th October, with the currency pair hitting a high of $1.2660.
Looking for the best GBP/USD exchange rate? Click here.
The move means the pound has risen nearly two per cent against the dollar since yesterday afternoon, and will come as welcome news for those of you that are looking to buy dollars in the coming days.
GBP/USD graph
Why is the pound rising?
Sterling has been rising against all of the majors this morning after Secretary of State for Brexit David Davis, announced the government would consider making contributions to the European Union in order to keep the UK's access to the single markets.
Mr Davis stated that Britain could carry on paying the EU, it meant the country "getting the best deal".
His comments will come as a huge relief to investors and this has been highlighted in the pounds performance over the past couple of hours.
Investors have been selling off the pound since UK Prime Minister Theresa May announced she would look to give up access to the single market in order to focus on immigration controls.
Do you need to buy or sell dollars?
If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.
As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.
