Pound Climbs As Restrictions Ease In England
The pound spiked up against its major counterparts in the
European session on Monday, as England entered the second phase of
relaxation under Boris Johnson's re-opening roadmap in the wake of
a successful vaccination programme.
Two households or groups of up to six people will be permitted
to meet from today as the stay at home order has ended.
Outdoor sports such as basketball, golf and cricket will be
resumed by observing social distancing regulations.
The U.K. passed the milestone of vaccinating more than 30
million adults with a first dose of coronavirus vaccine on
Data from the Bank of England showed that UK mortgage borrowing
increased the most since 2016 in February.
The number of mortgage approvals declined to 87,669 in February
from 97,350 in January. The expected level was 95,000.
The pound moved up to 1.3002 against the franc, a level unseen
since December 2019. The pound is seen finding resistance around
the 1.32 level.
The pound rallied to a 10-day high of 151.70 against the yen and
a 6-day high of 1.3842 against the greenback, from Friday's closing
values of 151.10 and 1.3781, respectively. The pound is likely to
find resistance around 153.00 against the yen and 1.41 against the
The pound jumped to its highest level since February 2020
against the euro, at 0.8506. If the pound continues its rise, 0.84
is possibly seen as its next resistance level.