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GBP/USD Slides with UK PM Johnson Expected to Announce Another National Lockdown

GBP/USD Slides with UK PM Johnson Expected to Announce Another National Lockdown

Justin McQueen, Strategist

GBP/USD Price Analysis & News

  • GBPUSD Slides with PM Johnson Expected to Announce Another National Lockdown
  • COVID Threat Raised to Highest Alert Level

UK PM Johnson is scheduled to address the nation at 20:00GMT with expectations that a national lockdown similar to March 2020 will be announced. This comes amid the soaring number of COVID cases resulting in the COVID alert level moving to 5, according to a BBC reporter. As a reminder, PM Johnson earlier stated that tougher measures than the current tier 4 restriction will be needed in light of the surge in COVID cases, while Scotland also announced it will go into a national lockdown for the remainder of January.

GBP/USD Slides with UK PM Johnson Expected to Announce Another National Lockdown

GBP: The Pound is underperforming, having earlier tested 1.3700, GBP/USD is back below 1.3600, to hit a low of 1.3575 at the time of writing. In turn, the calls of a possible double-dip recession will likely grow louder given the expected announcement.

GBP/USD Slides with UK PM Johnson Expected to Announce Another National Lockdown

FTSE 100/FTSE 250: Unlike the more domestically focused FTSE 250, the FTSE 100 has managed to hold onto its broad gains with a weak Sterling underpinning the index. However, risks are tilted to the downside, with 6600 under threat, opening the doors for a move to 6500.

GBP/USD Chart: Daily Timeframe

GBP/USD Slides with UK PM Johnson Expected to Announce Another National Lockdown

Source: IG

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