Pound Sterling Price News and Forecast: GBP/USD buying interest limited ahead of Johnson’s speech
|GBP/USD seesaws around 1.2400, fails to offer much action on UK PM Johnson’s speech
GBP/USD drops to 1.2410, after ticking up to the intraday high of 1.2423, at the start of the week’s trading session in Asia. The Cable fails to benefit from the UK PM Johnson’s easing of lockdown restrictions starting from Monday as well as calls of further aids from the Tory government.
Having earlier shifted to “Stay Alert” from “Stay at Home” suggestion, UK PM Boris Johnson recently announced the easing of lockdown restrictions for the British nationals.
The first help will be for those who cannot work from home and so can join from Monday while the rest may start adding to the works starting from Wednesday, as per the Tory leaders’ lockdown speech. Even so, the national leader wasn’t quite sure of starting the schools before June 01.
GBP/USD Forecast: Buying interest limited ahead of Johnson’s speech
The GBP/USD pair has managed to post a modest advance by the end of the week but was unable to fully reverse previous losses, ending it the red just above the 1.2400 level. The UK has become the new epicentre of the coronavirus outbreak in Europe, amid PM Johnson’s initial “herd immunity” strategy that proved wrong. The kingdom entered a lockdown too late, and this Sunday, Johnson is expected to announce the government’s plan to unlock the UK economy in stages. Ramping up testing is still an unsolved issue in the UK ahead of a slow return to normal. The UK won’t release macroeconomic data at the beginning of the week.
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