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The Queen's Speech

GBP

Sterling has stabilised after Monday's stellar performance underpinned by bets surrounding UK internal political situation. GBP went bid as the Labour Party took a beating in recent regional elections, while participants concluded that the SNP's failure to win outright majority in the Scottish parliament has diminished the odds of Scotland's separation from the rest of the UK.

  • The Queen's Speech will mark the beginning of a session of UK parliament in the London morning, with HM Elisabeth II set to present the gov't's legislative agenda for the next year. The speech prepared by Cabinet members is expected to touch upon bills on procurement, state aid and education, but also controversial proposals on voting laws and police.
  • Datawise, the main focus falls on Wednesday's quarterly GDP & monthly economic activity indicators due out of the UK.
  • GBP/USD last sits at $1.4128, 9 pips better off. A break above May 10 high of $1.4158 would open up Feb 24 cycle high of $1.4237. Conversely, bears look for a dip through the 50-DMA/May 6 low at $1.3866/58.
  • GBP/JPY surged to best levels since Feb 8, 2018. A break above Monday's/Feb 8, 2018 highs of Y153.03/153.05 would shift focus to Feb 2 high of Y156.61. The rate last sits +15 pips at Y153.77.
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