The Pound sterling (GBP) – Prices, Charts and Analysis:
- Sterling continues to probe recent support.
- COVID-19-news-and-the-last “brexit” update can move and GO feeling.
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COVID-19 Research Can Help Unlock the UK Economy
An article today in the Daily Telegraph suggests that the spread of COVID-19 in London has fallen sharply, with the current and R is the rate, at only 0.4. Using the data calculated by Public Health England, and the University of Cambridge, for example, the report shows that the daily infection figures in London, was down to a little less than 24 people, as well as a figure that can push the UK PM, Boris Johnson, to expedite the reopening of the capital. The ap article points out that, at the peak of the infection, 213 000 people a day caught the virus in London. It remains to be seen if the current R-rate-picks-up-in-London axis, the time of measurement, are slowly reversible.
The EU’s trade negotiator, Michel Barnier, will be speaking at 13:00 CET (12:00 in the UK) and to give an update on the latest round of the EU and the united KINGDOM for trade negotiations. It seems likely that no real progress has been made this week, with various news reports suggesting that talks are in difficulty. In The EU-say that the united KINGDOM has been running down the clock before the June 31 period of extension, whereas the united KINGDOM considers that the EU demands are excessive in relation to trade agreements concluded with other countries.
On this background, or increase brexit tensions, the british Pound continues its move lower. GBP/USD and EUR/GBP have been locked up for 4 to 6 weeks and the shock of the support is now under pressure, while the EUR/GBP the resistance is in the course of the study.
The GBPUSD hit the April low at 1.2166 yesterday before moving slightly higher and the pair is trading around 1.2200. A series of daily lower highs suggest that this is the case, a test of the early April low, although the CCI indicator shows the market at oversold levels last seen in mid-to late March, when the cable trade around 1.1500.
GBP/USD daily Price Chart (October 2019 May 15, 2020)
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This is the case, the major Sterling pairs, EUR/GBP is also testing its recent trading range, marking a six-week high on Wednesday, before diving again. The EUR/GBP was near two point-to-point trading range since the beginning of the month of April, and the technique suggests that the pair may make another attempt to break the resistance. The CCI indicator is again warrants examination, the pair is in extreme overbought territory.
EUR/GBP-daily Price Chart (October 2019 May 15, 2020)
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