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The GBP/USD pair rose to nearly 5-month highs with a strong offered tone, to the 1.2875 region during the mid-European session on Monday.
The US dollar started the week on the negative side, amid fears of a faltering economic recovery in the United States after the increase in new Covid-19 cases and taking advantage of strong movement witnessed last week. This is in addition to the deterioration in relations between the United States and China and speculation that the Federal Reserve will add more stimulus to support the economy.
On Brexit, the United Kingdom and the European Union have said that talks are still at a standstill and are still far from reaching an agreement. Investors are now awaiting the US economic calendar, highlighting durable goods orders that may affect the movements of the US dollar.
