Sterling saw some strong buying on international currency markets Tuesday, reaching its highest level since the country voted to leave the European Union in June 2016.
The pound had gained 0.2 percent by 9:00 a.m. London against the dollar, hitting 1.4363. This broke the most recent high seen back in January.
The currency has risen 6 percent since 2018 began, making it the best-performing currency among the G-10 economies.
The British currency depreciated more than 10 percent after the result of the referendum, when U.K. voters surprised markets with their decision to leave the EU. Since then, the uncertainty regarding the U.K.'s economic future has sent sterling on a bumpy ride.
Though the pound is still below its pre-referendum levels, the start of 2018 has shown some momentum is building. The recent strengthening has been caused by expectations that the Bank of England (BOE) will raise rates, as the economy performs better-than-expected. There has also been the agreement with the EU to put in place a transition period of 21 months before the U.K. is officially out of the bloc.