GBP/USD Continues Higher After Tuesday’s Rally - Forex News by FX Leaders
GBP/USD Continues Higher After Tuesday's Rally

GBP/USD Continues Higher After Tuesday’s Rally

Posted Wednesday, March 25, 2020 by
Arslan Butt • 1 min read

On Wednesday, GBP/USD continues to trade somewhat bullish after rising by more than 1.5% in the previous session, despite the market focus remaining on the escalating coronavirus crisis. At the time of writing, GBP/USD is trading at around 1.184.

In recent weeks, GBP/USD experienced severe selling with investors dumping the pound and other currencies and switching towards the US dollar over heightened worries about the severe economic fallout from the pandemic. Traders also remained skeptical about the British government’s and BOE’s efforts for stimulus offering adequate support to the economy, unlike the several measures already unveiled by the Fed.

While the rally in GBP/USD was driven by a broad-based weakness in the US dollar over the past few sessions, analysts anticipate the GBP to continue being bearish for some time to come. As Britain continues to struggle with rising number of coronavirus cases, traders focused on Britain’s large current account deficit as a concern keeping them away from buying GBP.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of