Pound Sterling Price News and Forecast: GBP/USD drops for third day towards 1.2900 on chatters
|GBP/USD Forecast: Sterling spooked by lockdown scare, Brexit hopes prevent free-fall (for now)
A UK lockdown is creeping ahead of Halloween – additional regions have entered Tier Three of restrictions following increases in COVID-19 cases and a full nationwide shuttering cannot be ruled out. The pound is struggling.
For now, Prime Minister Boris Johnson is rejecting calls to follow Germany and France with lockdowns, but it unclear if he can hold out for much longer. Covid infections are breaking daily records and deaths per population exceed the EU and the US. Read more...
GBP/USD: Drops for third day towards 1.2900 on chatters of UK’s national lockdown
GBP/USD declines to 1.2920 while heading into Friday’s London open. The pair earlier tried to snap the two-day losing streak while bouncing off 1.2880 to 1.2939. Though, fears that the coronavirus (COVID-19) resurgence will recall the UK’s national lockdown recently weigh on the quote. This ignores the US dollar’s latest corrective pullback amid a light calendar. Covid updates, Brexit news and the second-tier US data should be watched for near-term direction.
Virus woes ignore DXY consolidation…
ITV shares comment from the Tory government diplomats while citing the pressure to impose a national lockdown in England. The move, as spotted by the piece, takes clues from the recently rising COVID-19 figures as well as the update that two million people in West Yorkshire are moving into the highest level of coronavirus restrictions, as per the news. Also backing the government is the latest weekly surveillance report from Public Health England shows that the pandemic case rates in England are rising for all age groups except 10 to 19 year-olds. Read more...
GBP/USD trades with modest gains around 1.2930 area, lacks follow-through
The GBP/USD pair quickly recovered around 40 pips from sub-1.2900 levels and refreshed daily tops in the last hour, albeit lacked any strong follow-through.
The pair struggled to capitalize on the previous day's late rebound of around 45 pips from near two-week lows and was seen oscillating in a range through the first half of the trading action on Friday. The US dollar bulls refrained from placing fresh bets amid the uncertainty about the actual outcome of the US presidential election. A subdued USD demand was seen as a key factor lending some support to the GBP/USD pair. Read more...
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