Sterling climbs above $1.42 for first time in three years

Sterling rose in European trade for the fifth straight session against dollar above $1.42 for the first time in three years, as UK economy recovers faster than expected following vaccination efforts. 

GBP/USD rose 0.9% to 1.4238, the highest since April 2018, with a session low at 1.4100. 

Sterling rose 0.35% above 1.4, marking the fourth profit in a row, after the dollar index declined 0.2% to six-week lows at 89.94. 

Fed Chair Jerome Powell said in his Congressional testimony that employment and inflation remain far from current targets, while interest rates will remain low to support the economy. 

The sterling is boosted by hopes of UK recovery amid massive vaccination efforts and plans to relax economic lockdowns.