GBP/USD: Job uncertainty and deteriorating Sino-American relations jitters sterling
GBP/USD has been falling amid safe-haven dollar flows as Sino-American tensions remain elevated. What's more, fears about mass UK firings are weighing on the pound, FXStreet's analyst Yohay Elam reports.
Key quotes: "Britain's labor market is holding up well thanks to the government's successful furlough scheme. That emergency program has likely kept unemployment depressed in June. Tuesday's labor figures are set to paint a rosy picture – despite the hardship inflicted by the COVID-19 crisis." Read more...
GBP/USD: At risk of falling below the uptrend channel
GBP/USD prints mild gains, up 0.20% on a day to 1.3077, while Monday's 4-hour chart is showing the cable is at the bottom of the uptrend channel, FXStreet's analyst Yohay Elam reports.
Key quotes: "GBP/USD is trading in an uptrend channel, setting higher highs and higher lows. However, the downdrift toward the bottom of the range has resulted in losing momentum on the 4-hour chart, as well as the 50 Simple Moving Average." Read more...
GBP/USD: Optimistic UK figures not enough amid fear resurgence
GBP/USD has failed to hold onto the highs amid the BoE decision and Sino-American tensions. For this week, the UK jobs report, GDP, the US consumer and geopolitics are all eyed, Yohay Elam, an analyst at FXStreet, informs.
Key quotes: "With coronavirus raising its ugly head in Europe, is Britain also seeing a similar increase? So far, the UK's recent figures are better, but any increase would raise the chances of a lockdown on London – perhaps the most significant threat to the recovery." Read more...
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