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May 10, 2021

Beware! Although GBP Rises High, But…

 Market concerns over pound currency trading escalated after Scottish election results were released on Saturday, in favor of SNP party Prime Minister Nicola Sturgeon.

In the Asian session, the pound traded higher above 1.4000 after being driven by a fall in US dollar trade following weaker -than -expected NFP jobs.

However, analysts expect the pound to be under pressure this week following the SNP party's victory.

This is because, the victory of the SNP party is seen as a risk for Britain. Earlier, the SNP had promised to call for Scotland’s second independence referendum, although permission to do so would have to be given by the UK government in London.

With a 64-seat majority victory, PM Sturgeon promised to hold an independence referendum after successfully tackling the Covid-19 health crisis.

He also told that the election results meant, there was no democratic justification for the UK Prime Minister, Boris Johson or anyone else seeking to restrict the right of Scottish citizens to choose their future.

PM Johnson is seen as unhappy with this victory by claiming the referendum action as irresponsible and reckless.