Pound surges as UK elections exit polls

13 December, 2019

GBPUSD has gained over two percent to breach 1.35, reaching its highest level since May 2018, as the UK election’s exit polls show the Conservatives winning a clear majority. The Pound is also currently at its strongest level versus the Euro since June 2016, with Sterling also gaining against all other G10 currencies. If the official results indeed prove as much over the coming hours, a Conservative majority would pave the way for Boris Johnson’s Brexit deal to be approved in parliament by end-January 2020, while alleviating concerns over the UK's economic outlook.

However, once the initial euphoria settles, investors are then likely to turn their attentions to the transition period that the UK needs in order to formulate its future relationship with its largest trading partner, the European Union. That could make for another bumpy ride for the Pound in 2020. At least Sterling bulls can enjoy their time in the sun now, while knowing that the support level for GBPUSD has been raised significantly, given that the UK election risk has passed.


Source   Presented by FXTM
Brexit continues to put pressure on GBP15 Sep, 2020  

I will start today's review with one of the key news, especially given the lack of publication of important macroeconomic reports from Europe and the CE...

No-deal Brexit fears pushed EURGBP to extremes11 Sep, 2020  

While GBPUSD may not be heavily hindered up to levels around 1.2000 by the end of September, the EURGBP risks losing its growth momentum and turning...

Sterling Centre Stage8 Sep, 2020  

A sleepy market was stirred by a drop in the Pound, prompted by reports, initially by the FT, that the UK government is planning to unpick parts of the withdrawal...


GBP/USD stick to the downside bias4 Sep, 2020  

We highlighted yesterday that GBP could dip towards the 1.3260 support first before a stronger recovery can be expected. We added, a sustained decline below...

GBPUSD touches fresh 2020 high1 Sep, 2020  

What a way for Sterling to kick off the first trading day of September! The GBPUSD hit a fresh 2020 high above 1.3410 this morning despite the lack of progress...

GBP/USD holds steady above mid-1.3100s26 Aug, 2020  

GBP/USD edged higher and refreshed daily tops during the early European session. The uptick could be solely attributed to some technical buying above 100-hour SMA...


GBP/USD holds weaker below 1.3200 mark21 Aug, 2020  

GBP/USD failed to capitalize on its early uptick, instead met with some fresh supply at higher levels. A goodish pickup in the USD demand was seen as a key factor exerting some...

Brexit talks could bump GBP this week18 Aug, 2020  

The UK and the EU are set to enter their sixth round of trade talks, starting today, as they attempt to negotiate a trade deal for the post-Brexit era. The UK's Brexit negotiator...

Weaker Dollar & Stronger Sterling13 Aug, 2020  

Sterling is trading mixed, edging out a two-day high at 1.3092 against the Dollar, while also gaining on the Yen and Aussie Dollar, but holding steady-to-softer...