December 8, 2022

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GBP/USD to gradually appreciate but mind the May 6 Scottish elections

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GBP/USD up 7 pips to 1.3943 today

GBP/USD up 7 pips to 1.3943 today

ANZ Research discusses GBP/USD outlook and maintains a bullish bias through year-end. ANZ targets GBP/USD at 1.46 by year-end and at 1.50 into mid-22.

“Supported by growing evidence that the easing of pandemic
restrictions is underpinning UK growth, GBP/USD has regained its
uptrend,” ANZ notes.

“Against the backdrop of higher US inflation and the UK’s unfolding recovery, we expect that GBP/USD to keep appreciating gradually.
However, against the euro, sterling’s outperformance has moderated.
That owes to the improved EU vaccination program and legacy Brexit
concerns.

If the Scottish Nationalist Party wins an overall majority
in the 6 May Scottish elections, pressure for a referendum on
independence will intensify, which could cause some GBP underperformance
on the crosses,
” ANZ adds.

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