British Pound Sterling Price News and Forecast: GBP/USD bears are lining up for a test below 1.22 with 1.1958 on their agenda
|GBP/USD sinks to 1.22 as COVID-19 deaths jump in last 24-hours
GBP/USD is under immense pressure as the spread of COVID-19 weighs on the prospects of a UK economic recovery. The government's original plan to control the spread of the virus by, effectively letting it spread, had deterred investment in the UK leading to an exodus in the pound. The UK’s chief science adviser suggested allowing the coronavirus to spread to build immunity, which left the UK population to go about business as usual, essentially losing critical time to control the initial spread of the virus and potentially bringing forward the peak of infections sooner than later.
GBP/USD New York Price Forecast: Pound under heavy pressure in five-month lows, fast approaching 1.2200 figure
GBP/USD is under heavy selling pressure in five-month lows trading well bealow its main SMAs. The bears are in control and a break below the 1.2230 support can lead to further losses towards the 1.2160 and 1.2000 figures, according to the Technical Confluences Indicator.
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