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GPB/USD is technically ripe loaded pair – 14th July
GBP/USD is trading at 1.2613 at present, close to the figure recorded at the end of Friday which varied between the 1.2591 and 1.2666 range.
The pound has found it difficult to break up over a triple-top and may be ready for a correction to 1.2520 to halt a healthy five-day run which has seen it riding as the best performing currency of all G10 countries. Investors have found it encouraging that the UK’s coronavirus statistics have been improving, with the nationwide lockdown also starting to ease.
This positive news was topped by the announcement of fresh fiscal stimuli from the UK Chancellor, Rishi Sunak, who has proposed a sum of £30bn save jobs. Also falling back in the last week were net short GBP positions, but the UK economy is surrounded by a great deal of positive sentiment and the pound is even lasting too long. Bulls are unlikely to want to leave too much invested on a spot basis if the charts give even the slightest indication of pessimism.
There are still a number of serious risks to the pound and the UK economy that are difficult to ignore. Social behaviours and the high mortality rate from coronavirus in the nation have meant the services industry in the UK are still at risk of a long period of inactivity. In addition to this, the issues of Brexit and subsequent vulnerabilities in the labour market continue to pose challenges for the pound.
On Monday the Governor of the Bank of England, Andrew Bailey, said that signs of economic recovery have been noted, adding that there is still a way to go and that worries about jobs continue. The pound will also receive special attention today, with the release of the May monthly Gross Domestic Produce and Industrial Production data for this week’s commencing sessions.
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