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GBP/USD extends gains towards July 2023 high at 1.3142
The release of the Fed meeting minutes has done the dollar no favours whatsoever and as just noted in the previous update, the USD/JPY has come unstuck and the EUR/USD is pushing higher, towards 1.1175 now. The Pound is reaping the benefits of this dollar weakness too. The GBP/USD has now pushed its way above 1.3100 and risen to a high so far at 1.3115. That means it is now not far away from reaching the July 2023 high, at 1.3142. That high set over a year ago defined the best level for the Pound versus the dollar since early 2022. So, now the Pound has the prospect of reaching that sort of level again and perhaps beyond. The GBP/USD is currently trading at 1.3113
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