British Pound

GBP/USD – Extends Advance on Weaker USD – 1.2550 Caps, 1.24 Base

The British Pound extended its advance on the broad-based US Dollar lifting to 1.25369, fresh overnight and one-month highs. UK Prime Minister Boris Johnson, hospitalised in Intensive Care due to Covid-19, was released and continues his recovery. Total coronavirus cases in the UK (as at 13 April) reached 88,621 with deaths climbing above the 11,000 mark to 11,329. FX reaction was relatively muted in thin trading conditions.

IG Pound Dollar H1 Chart - 14 April 2020
IG Pound Dollar H1 Chart – 14 April 2020

GBP/USD opens bid in early Asia at 1.2522 from its New York 1.2508 close and 1.2447 Friday. Immediate resistance can be found at 1.2550 followed by 1.2590 and 1.2620. Immediate support lies at 1.2450 followed by 1.2400. Sterling’s movements will be dominated by the US data and Dollar with no major data releases this week. Britain’s Covid-19 developments will also be monitored.

Look to sell into strength today with a likely range of 1.2430-1.2530.


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