Sterling surges on independence referendum relief.
Sterling rising strongly across the FX market today – lifted by the multiple factors – the primary one being the markets taking relief after Scottish leader Nicola Sturgeon said that her first task was to deal with the COVID-19 pandemic – making Scottish independence referendum unlikely in the near term. The other factor adding to the bullish pressure on sterling is the delayed reaction to the Bank of England raising its forecast for British economic growth at its meeting last week. The Bank of England said Britain’s economy would grow by the most since World War Two this year. Yet another factor is the glaring disparity in how UK is dealing with the covid-19 epidemic as compared to EU/USA – with only a dozen losses reported over the last few days in UK.
Except buyers on downward corrections.
Next resistance to watch – 1.4179
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