UK: Conservative majority positive for the pound – ING

Sandeep Kanihama FXStreet Contributor

Analysts at ING note that the UK pound surged on news that the Tories could secure a thumping majority and we’ve already seen a 310 pip move taking GBP/USD close to 1.35.

Key Quotes

“Large working majorities have typically been good for the pound over the last forty years and under a scenario of a large Conservative majority we had a short-term target for GBP/USD at 1.35 – already hit. We ultimately expect GBP/USD pushing onto the 1.38/40 area through 2020, assuming a Brexit transition extension is negotiated.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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