eFXdata reports that analysts at MUFG Research see the recent GBP underperformance as temporary on the back of Scotland delaying lockdown end.

"The pound was the worst-performing G10 currency yesterday, reversing some of the gains recorded in May when the pound was the best-performing currency. The turnaround is being driven by the increased uncertainty over the near-term outlook for economic activity given the less than clear path of ending lockdowns for full on schedule on 21st June... This has now become more likely after Nicola Sturgeon announced a one-month delay in Scotland."

"While say a one-month delay is damaging for a number of sectors like international travel and office-related mobility, we doubt it would have any lasting impact on GBP performance and the scale of rebound already underway in the UK after extremely strict lockdowns will still be very evident even if the full reversal from lockdown is delayed for a period."