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May 10 - 11:55 AM

GBP/USD - COMMENT-Sterling Feb High At 1.4240 In View After Scottish Vote Angst Ebbs

By Paul Spirgel  —  May 10 - 10:04 AM

GBP/USD extended gains in early U.S. trade on Monday, rising from its New York open of 1.4103 to session highs at 1.4158 as waning Scottish election concerns bolstered bulls for a run at 2021 highs by 1.4240.

Sterling enthusiasts were tempered only by the fact that pro-independence parties would still hold sway in Scotland's parliament, even though the Scottish National Party came up just short of an outright majority nL1N2MV04F, and thus push for a referendum.

Coalition building could ultimately provide the votes needed to have another independence referendum, which markets had feared going into the election.

Sterling's rise above the 30-day upper Bolli at 1.4048 and big-figure resistance at 1.4100 should open the way for a test of late-February highs at 1.4182 and the 2021 and 3-year peak 1.4240.

Should 2021's post-Brexit and pandemic-related lockdown and vaccine successes gain momentum, ushering in a rise in UK growth and inflation, while the U.S. and euro zone struggle, further GBP/USD gains are likely, putting early 2018 highs near 1.4377 in sharper focus.
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Source:
Refinitiv IFR Research/Market Commentary

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