Sterling jumps to 7-month high vs dollar, euro

The pound rallied to a seven-month high versus the U.S. dollar and the euro in early trading on Wednesday as some weakness in the greenback triggered some technical demand for the British currency. Traders reported some option structures above $1.30 fuelling some pent up demand for the pound.

Against the dollar, the pound rose 0.3% to $1.3045, its highest since May. Versus the euro, the British currency climbed 0.4% to 84.95 pence, its highest in seven months.