The GBP/USD pair begins the week positively, trading around the 1.2940-1.2945 range during the Asian trading session. This represents a significant multi-month high, driven by a weaker U.S. dollar. Recent trends suggest that the GBP may continue to assert strength in the face of a declining dollar.

Analysts point to the bearish sentiment surrounding the dollar as a contributing factor affecting this currency pair. The GBP’s recent performance indicates a potential continuation of this upward movement, particularly as it recently broke through the critical 200-day Simple Moving Average (SMA).

Traders should monitor these developments closely. The dynamics between these two currencies will be key to understanding the broader forex market landscape.