GBP/USD Forecast: Cable is not Kane, why sterling is unlikely to benefit from a rebound
Harry Kane has taken England’s football team to its first final since 1966 – taking advantage of a rebound seconds after he missed a penalty kick. Can cable also rebound from its lows? That seems a tall order, and not only because some British traders are probably tired after the seminfal excitement.
Doubts about the UK’s planned reopening on July 19 have refused to let go as COVID-19 cases, hospitalizations and deaths continue rising. There are 11 days for Prime Minister Boris Johnson to change his mind in response to the Delta variant’s rapid spread. Read more…
GBP/USD Price Analysis: Rebound remains capped below 1.3800
GBP/USD is attempting a recovery amid broad risk-aversion, as the pound outperforms across the fx board so far this Thursday. The rebound in the cable from 1.3760 could be associated with fresh selling seen in the US dollar, as the relentless slide in the Treasury yields drags the greenback lower.
Resurgent covid concerns and its likely hit to the global economic turnaround continue to dampen the investors’ sentiment. However, the pound emerges the strongest amongst the lot amid Britain’s relative success in vaccinations. The UK boasts of the highest number of doses administered per 100 people across the world. Read more…
GBP/USD Forecast: COVID-19 woes, stronger USD favours bearish traders
The GBP/USD pair had some good two-way price moves on Wednesday and was influenced by a combination of diverging forces. Following the previous day’s dramatic turnaround from the 1.3900 neighbourhood, the pair gained some positive traction amid the optimism over the imminent reopening of the UK economy. The UK Prime Minister Boris Johnson set out plans for the final step of easing lockdown on Monday and confirmed that all restrictive measures would be lifted on July 19. The supporting factor, to a larger extent, was offset by concerns about the spread of the highly contagious Delta variant of the coronavirus. Read more…
