24.06 - GBP/USD extends pullback from 1.2543
- by George Solotarov
GBP/USD eases to 1.2512, down 0.06%, while heading into the London open on Wednesday. The Cable recently surged to the highest since June 18 but failed to keep the gains amid doubts over the easing of the UK’s coronavirus (COVID-19) lockdown restrictions. Also weighing on the pair are worries over the next week’s key Brexit talks as well as the US dollar’s recovery moves. Moving on, the pair traders will have a few factors to watch on the calendar, which in turn makes qualitative risk guides the key for near-term direction.
The global market initially cheered UK PM Boris Johnson’s defying of social distancing measures and opening of pubs, cinemas, etc. to move further away from the virus-led halt in economic activities. However, the recent doubts by the scientists’ fraternity over the speed of the moving back to normal probed the bulls. “The death toll of people with coronavirus in the UK today passed 54,000 and stands at 54,089. And scientists warn the risk of catching Covid-19 is ten times higher at one meter away than two meters away,” says UK Mirror.