Pound Sterling Price News and Forecast: GBP/USD started out a fresh week on a negative note
|GBP/USD: A bearish start to the week as UK PM hospitalized amid coronavirus
Amid reports that the UK Prime Minister (PM) Boris Johnson is admitted to hospital for some coronavirus-linked precautionary tests combined with persisting broad US dollar weakness, GBP/USD started out a fresh week on a negative note in Asia this Monday.
The cable remains the main laggard across the fx space so far, as the bears look to test the 0.2200 level, having eroded nearly 60-pips in early trades. The main catalyst behind the sharp drop is about the increased concerns over the PM Johnson’s health condition, as he gets hospitalized after dealing with mild virus symptoms for 10 days after being tested positive.
GBP/USD Forecast: Reality check coming to the UK
The GBP/USD pair ended the week with losses around 1.2270, although it held at the upper end of its previous weekly range. The pair fell to 1.2204 on Friday amid the resurgent dollar’s demand, although meeting buyers around the level, as the Pound remains resilient. On Friday, Markit released the final version of the UK March Services PMI, which was downwardly revised to 34.5 from a preliminary estimate of 35.7. At the beginning of the week, Markit will release the March Construction PMI for the kingdom, previously at 52.6.
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