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British Pound (GBP) Latest: Sterling on Hold Ahead of AstraZeneca COVID-19 Vaccine Report

British Pound (GBP) Latest: Sterling on Hold Ahead of AstraZeneca COVID-19 Vaccine Report

Nick Cawley, Senior Strategist
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GBP/USD – Prices, Charts and Analysis:

  • AstraZeneca shares hit a record high ahead of vaccine report.
  • EU/UK trade talks continue with little convergence seen so far.
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Sterling will likely be driven in the short-term by the release of a report in the Lancet medical journal today on the effectiveness of AstraZeneca’s COVID-19 vaccine developed in partnership with Oxford University. The vaccine, AZD1222, is said to produce both the production of antibodies and T-cells and results so far have been described as positive. AstraZeneca’s (AZN) share price continues to push higher and earlier today made another record high ahead of the report. A positive report today would give UK assets a much needed boost as the country continues to battle the economic slump caused by the virus.

AstraZeneca Daily Price Chart (August 2019 – July20, 2020)

Chart via IG

EU/UK trade talks resume today in London against a fairly negative backdrop. Neither side has made any concessions in an attempt to break the current deadlock and last week the European Commission began work on a ‘needs assessment’ in the case of no-deal by the end of the year. European Council Charles Michel recently announced a EUR5 billion Brexit fund to help support industries affected by Brexit.

Later today, BoE members Andy Haldane and Silvana Tenreyro will appear before the Treasury Select Committee.

DailyFX Economic Calendar

GBP/USD is little changed in early trade although US dollar weakness is giving the pair a small bid. The pair are currently supported by both the 20- and 50-day moving averages while the longer-dated 200-dma is capping any further upside. GBP/USD needs to break above 1.2686 to regain positive momentum and re-test the June 10 multi-month high at 1.2815.

GBP/USD Daily Price Chart (February – July 20, 2020)

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What is your view on Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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