Gbpusd Plunged Towards 1.3570 Levels As Global Markets Turned Cautious Over A Surge In Coronavirus Infections

Gbpusd Plunged Towards 1.3570 Levels As Global Markets Turned Cautious Over A Surge In Coronavirus Infections

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  • Weekly Signals
  • 2021, 26 July

Brief:

Last week, GBPUSD plunged towards 1.3570 levels as global markets turned cautious over a surge in coronavirus infections, meaning that riskier currencies lost out to the safe-haven dollar. Moreover, Britain faces a new wave of COVID-19, but Prime Minister Boris Johnson is lifting most restrictions in England in what some have dubbed Freedom Day. Johnson has urged the public to remain cautious.

Later on, the Pound currency surged towards 1.3786 levels due to recovering risk sentiment in global markets that boosted the demand for currencies correlated with economic growth. Also, robust release of UK’s Public Sector Net Borrowing data that resulted in £22.02 billion in June, better than anticipated worked in favour of Pound. 

Suggestion:

Buy above 1.3270 for 1.4375 and 1.5000

Else

Sell below 1.3270 for 1.2675 and 1.2050

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