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Sterling Settles Below Mid-1.2500s

Adel 8 July, 2020 6:05 pm Market Update

Sterling saw both-way movements on Wednesday, but it appears that it has now settled in the neutral territory 1.2540-35.

After an early rally to 1.2565-70 region, the pair experienced a slight decline during the European session and was affected by buying around USD.

The increasing number of Covid-19 cases provided safe-haven flows and helped the dollar achieve gains. Covid-19 is one of the most important factors that have put pressure on the GBP/USD pair.

The pound received a slight boost after the government’s decision to protect jobs and pledged to provide 30B support that includes a startup of 2B pound to provide more job opportunities for young people.

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