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British Pound (GBP) Latest: GBP/USD Rides the Wave Higher on Georgia Votes

British Pound (GBP) Latest: GBP/USD Rides the Wave Higher on Georgia Votes

Martin Essex, MSTA, Analyst

GBP price, Georgia vote news and analysis:

  • Georgians look to have voted for the Democratic candidate in one of the Senate seats on offer in the state and are tipped to have elected the second, making it easier for President-elect Joe Biden to push legislation through Congress.
  • While neither result is yet confirmed, the US Dollar is weaker and currencies like GBP are moving higher and could yet gain further.

GBP/USD firm on Georgia Senate votes

The US Democrats look to have won one of the Senate seats on offer in Georgia after voting there, and could well win the second. That would take them level with the Republicans in the Senate but with an effective majority as Vice President-elect Kamala Harris would have the casting vote.

Wins would give the Democrats not just the Presidency but both Houses of Congress, helping Joe Biden to push through legislation on, for example, a new fiscal stimulus program. Until the Democrats are confirmed as winners uncertainty remains. However, the safe-haven US Dollar is widely lower Wednesday, and risk-on currencies like GBP are firmer – trends likely to continue unless the final vote counts prove the predictions wrong.

GBP/USD Price Chart, One-Hour Timeframe (December 29, 2020 – January 6, 2021)

Latest GBP/USD price chart.

Source: IG (You can click on it for a larger image)

Will GBP outperform NZD in 2021? You can find my forecast here

And here’s my top trading lesson from 2020: How GBP shrugged off the Brexit talks

As the chart above shows, GBP/USD has now recovered more than half of Monday’s steep losses and could well strengthen short-term to the January 4 high at 1.37. As mentioned earlier, though, this is dependent on confirmation that Georgians have elected the Democratic Party candidates in both Senate seats up for grabs.

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.