A new month, a new setback for the pound – The Markit UK Manufacturing Purchasing Managers’ Index for June was reduced to 64.9 points from a previous reading of 64.2, adding to the pound’s already high level of pressure.
The greater concern is the continued spread of the Delta coronavirus, which could disrupt the already pushed back reopening date of July 19 – and could have a significant impact later in the year. Britain’s vaccination efforts, which have a significant impact on the severity of sickness, are continuing apace, but the number of infections has yet to decline. Continue reading…
The GBP/USD has fallen below the 1.3800 level, which has offered support for a retracement back to the 1.3840 level. The pair wavered between the indicated levels during the early hours of Thursday’s trading.
The rate could either trade sideways between the indicated levels or move up or down in the near future. Continue reading…
After a dovish tone from BoE Governor Bailey’s speech accelerated bears, cable fell for the sixth day in a row and hit an 11-week low on Thursday.
Fresh weakness went through critical support at 1.3786 (low of June 21), completing a failure swing pattern on the daily chart and indicating that the bigger slump from 1.4249 will continue (2021 high of June 1). Continue reading…/n
