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Feb 23 - 05:55 AM

GBP/USD - COMMENT-1.50 Calls For GBP/USD If UK Hits Lockdown Exit Targets

By Rob Howard  —  Feb 23 - 04:11 AM

Feb 23 (Reuters) - Cable could rise to 1.50 for the first time since June 2016 if England hits all four of its target dates for exiting lockdown, which would bolster expectations of a strong UK economic recovery.

The target dates, through June 21, were announced by British Prime Minister Boris Johnson on Monday. nL8N2KS593

The door to England's lockdown exit has been unlocked by the UK's rapid rollout of COVID-19 vaccines: 17.7 million Britons have now received a first dose, which is over a quarter of the 67 million population.

GBP/USD was last at 1.50 on Brexit referendum day on June 23, 2016, a few minutes after polling stations closed at 10 p.m.
BST.

Cable rose to 1.4098 on Tuesday, its highest since April 2018, with GBP/EUR climbing to an 11-month high of 1.1587, as traders reacted favourably to Johnson's plan.

1.4377 was the GBP/USD high in April 2018 (peak since June 2016).

Related comments: nL1N2KB0VYnL1N2KL0DCnL1N2KS0M8

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Source:
Refinitiv IFR Research/Market Commentary

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