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Forex News: Pound Rises As U.K. PM To Unveil Roadmap

Pound Rises As U.K. PM To Unveil Roadmap To Ease Lockdown

02/22/2021 - 07:28:00 (RTTNews)

(RTTNews) - The pound advanced against its major counterparts in the European session on Monday, as investors await a roadmap out of lockdown set to be announced by Prime Minister Boris Johnson in a speech to Parliament later today.

The UK PM's office announced that the four conditions to ease restrictions are met, enabling the government to proceed with the first stage of reopening the economy from March 8.

All schools in England will reopen on March 8, with outdoor after-school sports and activities allowed.

Outdoor recreation between two people will also be permitted from the same date.

From March 9, outdoor gatherings of up to a maximum of six people or two households will be allowed.

Tennis courts, golf courses and other outdoor sport facilities are expected to be allowed from the same date.

The pound was up against the franc, at a 1-year high of 1.2630. Immediate resistance for the pound is seen around the 1.28 level.

The pound appreciated to 148.29 against the yen, its biggest level since March 2019. Next key resistance for the pound is seen around the 150.00 level.

Data from the Bank of Japan showed that Japan's services producer prices declined for the fourth straight month in January.

The services producer price index fell 0.5 percent year-on-year in January, following a 0.3 percent decline in December. This was the fourth consecutive month of decline.

After falling to 0.8661 at 2:15 am ET, the pound spiked higher to near a 1-year high of 0.8636 against the euro. Should the pound rises further, 0.85 is likely seen as its next resistance level.

Survey results from ifo Institute showed that German business confidence strengthened in February.

The business confidence index rose to 92.4 from 90.3 in the previous month. This was better than the economists' forecast of 90.5.

The pound rose back to 1.4044 versus the dollar, on track to pierce its Asian session's nearly a 3-year high of 1.4053. The pound is seen finding resistance around the 1.42 level.

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