British Pound Sterling Price News and Forecast: GBP/USD hangs in the balance of COVID-19 spreading in the US and UK
|GBP/USD upside potential limited in COVID-19 uncertainties
In acclimatised markets, GBP/USD is bobbing along between a range of 1.2351 and 1.2475, pretty much flat on the day, as anxious markets consolidate in ebbing COVID-19 panic. There is still some way to go until the 1.30 level, which it had been straddling since the start of the year, before the crisis sell-off, and risks remain tilted to the downside while below 1.2480. In acclimatised markets, GBP/USD is bobbing along between a range of 1.2351 and 1.2475, pretty much flat on the day, as anxious markets consolidate in ebbing COVID-19 panic. There is still some way to go until the 1.30 level, which it had been straddling since the start of the year, before the crisis sell-off, and risks remain tilted to the downside while below 1.2480.
GBP/USD: Cable up against the renewed safe haven flows of the Dollar [Video]
Whilst the euro struggles, there is an interesting strength to sterling. This is helping to hold Cable up against the renewed safe haven flows of the dollar. Cable has built a consolidation in the past few sessions. Whilst the rally has found resistance at $1.2485, it is interesting that support has built around the 50% Fibonacci retracement (of the $1.3200/$1.1405 sell-off) at $1.2300.
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