The GBP/USD cross has risen overnight with the currency pair within touching distance of $1.30 this morning.
The move is not down to sterling strength but dollar weakness, after President Donald Trump shocked Washington and the markets by firing FBI director James Comey.
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Mr Comey, who had been leading the FBI's investigation into Russia's alleged involvement into last year's presidential election has been relieved of his duties with immediate effect.
The surprise announcement from Trump has already caused Democrats to accuse the President of having political motives and fuelled speculation of a possible cover-up.
GBP/USD graph
Could GBP/USD break $1.30 today?
We could easily see the GBP/USD cross edge higher over the course of today. In my opinion the dollar could weaken further once the U.S. markets open in a few hours' time. The announcement happened late last night so may not be fully priced into the value of the U.S. dollar.
The GBP/USD cross has come close to breaking the $1.30 barrier on a few occasions over the last week, but uncertainty over the UK's exit from the European Union has always limited the gains.
However, the unexpected news from the States could be the catalyst for the currency pair to climb above $1.30 for the first time since the 27th September.
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