UK gears up for General Election debate

Daily Currency Update

GBP - British PoundFriday boosted the pound after a muted beginning of the week last week. GBP soared off the back of news that Farage and Johnson have formalised a deal which states the Brexit party candidates will stand down in the general election meaning they will not contest for any Tory seats. It is reported that Farage may encourage his candidates to stand in areas that Johnson is expected to comfortably lose in order to pull votes from labour. At the same time, there was another big social media push for Corbyn over the weekend as many blame Boris and the lack of building regulation for the fire at the block of student flats in Bolton. The conservatives are still near 20 points ahead in the polls. Sterling will be completely dictated this week by General Election news. Tuesday sees the first of the TV debates between Johnson and Corbyn. It is expected that the appointment of a labour government would send sterling tumbling down over 2.5%, whilst a conservative government should send Sterling through the 1.31 handle in the immediate term. GBP is currently trading at 6-month highs against the Euro and nearing the 4-month landmark against the USD. No technical data of note released this week in the UK.