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- GBP/USD set to ignore Scottish elections and retest the 1.40 mark – ING
GBP/USD set to ignore Scottish elections and retest the 1.40 mark – ING
FXStreet reports that economists at ING see the GBP/USD pair retesting the 1.40 handle behind BoE’s possible QE tapering.
“Although the Scottish elections may bring some negative headline news about another Scottish independence referendum, we don’t think this should have an overly negative impact on GBP. This is because (a) a referendum could be years away rather than months; (b) as we observed with the Brexit referendum, the risk premium started to be built into GBP only six months ahead of the event; and (c) the first Scottish referendum in 2014 did not translate into a material build-up of GBP risk premium.”
“As for the BoE April meeting, we should see a series of upgrades to the Bank’s forecasts and this encouraging outlook suggests the Bank may announce QE tapering. We expect GBP/USD to retest the 1.40 level.”
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