Pound Sterling Price News and Forecast: GBP/USD eyeing a test of last week’s lows just above 1.3700
|GBP/USD eyeing a test of last week’s lows just above 1.3700
GBP/USD has fallen back to fresh lows of the day in recent trade in the 1.3720s, weighed amid a broad pick up in the fortunes of the US dollar versus all of its G10 counterparts. The pair now trades lower by around 0.7% or about 90 pips. As cable has slipped to fresh lows of the day and looks to test last week’s lows around the 1.3700 level, the Dollar Index (DXY) has advanced back towards the 92.50 mark and is now back above its 200DMA.
GBP/USD Forecast: Further slides on the table
The GBP/USD plunged to 1.3728, as several factors combined to put pressure on the pound. The March UK Markit Service PMI came in at 56.3, below the 56.8 expected, although still within expansion levels. The European Medicines Agency finalized its review of the AstraZeneca vaccine and concluded that blood clots are a “very rare side effect” of the shot. The UK said that the risk of blood clots is higher for under-30s, and the local authority recommended providing a different vaccine for that age group. Meanwhile, the UK has started using the Moderna vaccine after buying 17 million doses of the jab.
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