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British Pound (GBP) Latest: GBP/USD Boosted by Lockdown Hopes

British Pound (GBP) Latest: GBP/USD Boosted by Lockdown Hopes

2020-05-05 08:00:00
Martin Essex, MSTA, Analyst
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GBP price, news and analysis:

  • Hopes that Covid-19 lockdowns will be eased in more countries are helping risk assets, including the British Pound.
  • However, caution is called for ahead of Thursday’s monetary policy announcement from the Bank of England and news from the US-UK trade talks.
  • The UK Society of Motor Manufacturers and Traders reported that new car sales plunged by 97% last month compared to April 2019.

GBP/USD edging higher

GBP/USD is recovering modestly after its falls earlier this month, lifted with other risk assets by hopes that more countries will follow the US, Italy, Spain and others in easing the lockdowns imposed to counter the spread of Covid-19.

GBP/USD Price Chart, Two-Hour Timeframe (April 14 – May 5, 2020)

Latest GBP/USD price chart.
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Chart by IG (You can click on it for a larger image)

However, traders need to be cautious ahead of Thursday’s monetary policy decision by the Bank of England. It is not expected to move Bank Rate and may not expand its quantitative easing policy either so attention will focus on its latest economic forecasts.

These are expected to be dire, with the UK’s Society of Motor Manufacturers and Traders paving the way with data suggesting that new car sales plunged by 97% last month compared to April 2019, according to preliminary figures showing the effects of the coronavirus lockdown on the industry.

Meanwhile, the US and the UK have launched post-Brexit trade talks as both countries struggle to cope with the economic impact of the Covid-19 outbreak.

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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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