Promises that Hold the Pound Currency

Posted by FinanceBrokerage on November 28th, 2019

Fortunately for the pound currency, the latest words of the British Prime Minister are giving it hopes. That, paired with the odds of the Conservatives winning the UK December elections, preventing the pound from falling yesterday.

The sterling was saved for another day of losses after Johnson promised to deliver the Brexit this year. On Sunday, the British Prime Minister said that the divorce will take place before Christmas hits.

However, some traders fear that the comment will only give short-term support for the pound. Alas, the bulls took it as a sign yesterday to regain some of its losses from the previous week.

The British pound currency contract went up by 0.37% or 0.0048 points yesterday.

Meanwhile, the GBP USD trading pair edged up higher as the sterling takes advantage of the greenback on sessions. the GBP USD pair went up by 0.38% or 0.0049, extending its run from .2841 to .2885 yesterday.

The pair finally recovered after its continuous fall since November 19. The pound currency took advantage of USD traders who are struggling to find direction for the greenback.

The New Manifesto

The Conservatives launched their new manifesto before the upcoming UK December elections recently. The pound currency drew strength from the new manifesto as the Conservatives are likely the winning party.

Some of its key projects include increasing the number of nurses, no more Brexit delays, no tax increase, and more.

The Conservatives plan to add more nurses in the UK health sector and train more young people for the job. This includes giving financial aids worth £5,000 to £8,000 to nursing students annually.

They also promised to deliver Brexit without another delay, meaning they would pursue an agreement before 2020 starts. However, this drew skepticism as there are only a few weeks left before that.