GBP/USD is jumping above 1.4050, as the pound cheers the UK local election outcome, as the UK PM Boris Johnson emerged stronger while Scotland’s SNP fell one seat short of an outright majority. Although the chances of a Scottish second independence referendum still remain in place, the GBP pays a little heed. Meanwhile, the US dollar remains on the back foot after the NFP blow.
Let’s see how GBP/USD is positioned technically, with the focus now on UK GDP and BOE Governor Bailey’s speech.
The Technical Confluences Detector shows that GBP/USD’s path of least resistance appears to the upside amid a lack of healthy resistance levels.