GBP/USD is trading near a make-or-break level on the daily chart, having fallen from recent rebound highs. The central banks are in the spotlight, and they are driving both price and COVID risk. GBP/USD is under pressure on Tuesday, down 0.33 percent at the time of writing after sliding from a high of 1.3904 to a low of 1.3800, owing primarily to US dollar strength. Continue reading…
The GBP/USD pair finished Tuesday in the red around 1.3820, with the pair bottoming around 1.3799, as the dollar benefited from surprisingly higher US inflation. The Bank of England’s semi-annual Financial Stability Report revealed that policymakers expect rates to remain at record lows until at least December 2021. “The economic outlook has improved,” the letter states, “but dangers to the recovery remain, particularly those associated to the spread of COVID.” Continue reading…
On Tuesday, a number of reasons spurred some new selling in the GBP/USD market. Brexit woes and COVID-19 fears continued to be a headwind for the British pound. The USD rose on the back of a positive US CPI report, adding to the intraday selling bias. In response to higher-than-expected US consumer inflation numbers, the GBP/USD pair plummeted to new daily lows, with bears now expecting prolonged weakening below the 1.3800 level. Continue reading…/n
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