GBP/USD Forecast: Bears likely to maintain the pressure
The GBP/USD pair fell on Friday to 1.3669, its lowest since March 25, but managed to close the day in the 1.3700 price zone, sharply down for the week. As it happened ever since April started, pound weakness seems to be directly linked with the AstraZeneca coronavirus vaccine issues.
The UK vaccine rollout with the shot was considered successful until concerns related to blood clots arose, leading to a slowing pace of vaccination.
GBP/USD falls below 1.3700 mark amid stronger USD, risk-off mood
The GBP/USD pair is trading on the back foot below 1.3700 in the Asian trading session. The pair expects to continue with the previous week’s negative tone where it fell from the weekly highs of 1.3915 and touched the weekly lows of 1.3671.
At the time of writing, GBP/USD is trading at 1.3689, down 0.13% on the day.
The renewed strength in the US Dollar Index (DXY) is the driving force behind the pair’s submissive performance. The US Treasury yields witness some pullback and are trading near 1.66%, offering a boost to the US dollar.
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