GBP review

Sterling continued to fly higher and hold near 10-week peaks around $1.5500, still basking in last week's election that ended in surprisingly quick fashion and with another five years for the pro-business Conservative Party led by Prime Minister David Cameron. 

Strength for the pound this week should hinge on the Bank of England (BoE) who will issue an important quarterly report Wed on inflation and growth. Any sense that a rate hike remains on a far horizon could see the pound relinquish some of its post-election gains. 

Last week's U.K. election caused the BOE to wait until today to announce that it had made no changes to monetary policy, as expected, following its May 7-8 meeting. The delayed announcement will make for a shorter wait for the minutes which are due May 20.