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Forex News: Pound Advances As U.K. Local Election Results Show

Pound Advances As U.K. Local Election Results Show Backing For Conservative Govt.

05/10/2021 - 03:34:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the Asian session on Monday, after results from U.K. local and regional elections showed support for the ruling Conservative Party.

Conservatives won the parliamentary seat for Hartlepool, which has been held by Labour since its creation in 1974.

The Tories secured key victories in number of councils in the West Midlands, in a sign of endorsement to the government's coronavirus vaccination programme as well as the handling of Brexit.

The pound's gain came despite the Scottish National Party's victory in the parliamentary election, which could pave the way for a second referendum on Scottish independence.

U.K. Prime Minister Boris Johnson has repeatedly rejected to allow another referendum, setting up the possibility of a showdown between his government and the Scottish administration.

The pound appreciated to a 4-day high of 0.8642 against the euro from Friday's close of 0.8688. The currency is likely to find resistance around the 0.84 level.

The pound jumped to 1.4071 against the dollar, its biggest level since February 25. On the upside, 1.43 is possibly seen as its next resistance level.

The pound was higher against the yen, at near a 5-week high of 153.31. The pair had closed last week's deals at 151.77. If the pound rises further, 155 is likely seen as its next resistance level.

The pound spiked higher to a 4-day high of 1.2674 against the franc, compared to last week's close of 1.2587. Next likely resistance for the pound is seen around the 1.28 level.

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