GBP/USD trades with modest losses near daily low, eyeing 1.3400 mark By HareshMenghani GBPUSD Coronavirus RiskAppetite Majors Currencies
Despite easing concerns over the fast-spreading Omicron variant, investors remain concerned about the economic impact of the continuous surge in new COVID-19 cases. This, in turn, assisted the safe-haven US dollar to gain some positive traction for the second successive day and acted as a headwind for the GBP/USD pair through the first half of the trading on Wednesday.
The British pound was further undermined by the fact that Britain reported a record 129,471 new cases on Tuesday, which could force the government to impose fresh restrictions. It is worth recalling that the UK Prime Minister Boris Johnson had said last week that ministers would keep the latest data under constant review to see if stricter measures are needed.
That said, a generally positive tone around the equity markets could hold back the USD bulls from placing aggressive bets and extend some support to the GBP/USD pair. This makes it prudent to wait for a strong follow-through selling before confirming that the pair has topped out and positioning for a deeper corrective slide from over one-month high touched on Tuesday.from the UK, the USD price dynamics will continue to play a key role in influencing the pair's intraday movement on Wednesday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Evening Doji, rising wedge lure sellers above 1.3400GBP/USD Price Analysis: Evening Doji, rising wedge lure sellers above 1.3400 By anilpanchal7 GBPUSD Technical Analysis Candlesticks Chartism SupportResistance
Read more »
GBP/USD Technical Analysis: Holidays Affecting PerformanceThe GBP/USD attempted to recover from 2021 lows in the last week of trading before the holidays, hitting major technical milestones along the way.
Read more »
USD/CHF flirts with monthly low, bears looking to seize control below 200-DMAUSD/CHF flirts with monthly low, bears looking to seize control below 200-DMA By HareshMenghani USDCHF RiskAppetite Coronavirus Majors Currencies
Read more »
USD/CAD struggles near one-and-half week low, flat-lined below 1.2800 markThe USD/CAD pair surrendered modest intraday gains and was last seen trading in the neutral territory, around the 1.2785 region heading into the Europ
Read more »
AUD/USD hangs near two-day low, just above 0.7200 amid broad-based USD strengthAUD/USD hangs near two-day low, just above 0.7200 amid broad-based USD strength By HareshMenghani AUDUSD Coronavirus RiskAppetite Fed Currencies
Read more »
NZD/USD clings to gains near daily top, holds steady above 0.6800 markThe NZD/USD pair maintained its bid tone through the early European session and was last seen hovering near the daily top, around the 0.6815 region. A
Read more »