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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
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British Pound (GBP) Latest: Outlook Improves For GBP/USD Despite Oil Crash

British Pound (GBP) Latest: Outlook Improves For GBP/USD Despite Oil Crash

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • Crude oil prices are continuing to tumble but “risk-on” assets, including GBP, are stabilizing, improving the outlook for GBP/USD.
  • UK inflation data showed falls in March but the impact of economic statistics continues to be of little importance as the effects of the coronavirus pandemic, particularly on oil, continue to dominate trader sentiment.

GBP/USD stabilizes, outlook more positive

Crude oil prices are continuing to slump but overall market sentiment looks to be stabilizing, with less demand for safe havens such as the US Dollar and more for “risk-on” assets including GBP. That has led to some near-term stability for GBP/USD and improved the outlook for the pair.

Hopes are also beginning to rise that worldwide lockdowns prompted by the coronavirus pandemic could be eased over the next few weeks – benefiting the major stock market indexes including the FTSE 100 of leading London-listed stocks as well as Sterling.

GBP/USD Price Chart, Two-Hour Timeframe (April 14 – 22, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

UK inflation rate falls

Meanwhile, UK inflation data for March showed a fall in consumer prices year/year to 1.5% from 1.7% while the core rate dipped to 1.6% from 1.7%. However, in markets dominated by the impact of Covid-19, the numbers remain largely irrelevant to traders.

According to the Office for National Statistics, sales were likely to have been impacted by the coronavirus outbreak and retailers resorted to discounting more items on sale, reversing the usual pattern in March as new lines hit the shops.Although prices were collected on March 17 – a few days before a full-scale lockdown began – the ONS said consumer behaviour might have changed in expectation of the restrictions.

What is Crude Oil? A Trader's Guide to Oil

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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