New 2024 High for GBP/USD. Reached 1.3247

British pound has reached a fresh 2024 high against the greenback, advancing by 0.31% to 1.3247. The last time GBP/USD traded this price was on July 2023.

Weakness on the US dollar side, plus a Bank of England likely to maintain current interest rates beyond September are fueling the momentum for the pair. Fiscal discipline, loved by macro traders, played probably a role on Tuesday morning as UK Prime Minister Keir Starmer signaled that Britons should brace for higher taxes as part of a strategy aimed at delivering “short-term pain for long-term gain.”