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The future of the British currency is very controversial, experts said. A pound pendulum can swing both in the direction of growth and decline. However, most analysts believe in the victory of the pound, which occasionally proves itself in full force.
The actively growing sterling slightly slowed down on Tuesday, November 19. The GBP/USD pair reached 1.2945, but after a while it fell.
The pair began a smooth fall last night, dropping to 1.2940. Earlier, the GBP/USD pair was pushed up by the positive attitude of investors who believed in the upcoming victory of the Conservative Party in the December elections. Recall, in the case of the implementation of such a scenario, a deal with the EU regarding Brexit, initiated by Prime Minister Boris Johnson, may receive approval in Parliament.
The deal can be considered done if the Conservatives win, experts said. According to opinion polls, the likelihood of such a scenario is very high.
One of the drivers for the pound's growth may be an increase in budget spending. Similar plans are being developed by two key UK parties - Conservatives and Laborites. Recall that these parties promised to increase government spending ahead of the general elections scheduled for December 12, 2019. According to analysts of the largest bank JP Morgan, this can cause a rapid increase in government bond yields. In case the yield of state bonds increase, one can expect the national currency to grow the bank emphasizes. A similar situation will be in the hands of the pound, which slightly lost yesterday's supply of vigor.
The pound was trading in the low range of 1.2908–1.2909 on Wednesday morning, November 20, making timid attempts to rise. According to analysts, a slight decrease in the GBP/USD pair may be corrective. They allow a slight drop after eight days of almost continuous rise.
At the moment, the pound is trying to move up, although it lacks momentum. The GBP/USD pair runs in the range of 1.2913-1.2914, trying to stay on the conquered positions.
Experts consider the psychologically important bar of 1.3000 as the pair's immediate target. The sterling was close to it yesterday as never before, but could not overcome this barrier. Unfortunately, it had to retreat, but experts are sure that this pullback is temporary.
The current dynamics of the British currency is not too volatile, but from time to time there are strong differences. Most likely, the upcoming elections will enhance this effect, but the pound is determined to hold on to the last and not give up its positions. The market is counting on the success of the sterling, keeping its finger on the pulse in anticipation of future changes.
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