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British Pound (GBP) Price Outlook: GBP/USD Stable, With Near-Term Bias Lower

British Pound (GBP) Price Outlook: GBP/USD Stable, With Near-Term Bias Lower

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • GBP/USD continues to trade sideways near-term between Tuesday’s high just under 1.4250 and last Thursday’s low at 1.4092 although the bias looks to be lower.
  • This reflects a balance between the UK’s successful Covid-19 vaccination program and fears that the full reopening of the UK could be delayed beyond the planned June 21 date.

GBP/USD stable with downside bias

GBP/USD is continuing to ease back Wednesday within a near-term range of 1.4250 and 1.4092 despite a successful UK coronavirus vaccination program that has led to no daily deaths from Covid-19 within 28 days of a positive test for the first time since March 2020.

In addition, member nations of the Trans-Pacific regional trade partnership have agreed to allow the UK to begin the process to join, in a potential boost for the UK’s trade following Brexit.

GBP/USD Price Chart, One-Hour Timeframe (May 20 – June 2, 2021)

British Pound (GBP) Price Outlook: GBP/USD Stable, With Near-Term Bias Lower

Source: IG (You can click on it for a larger image)

While that is positive, it has been more than offset by the ongoing debate about whether the last coronavirus restrictions in the UK should be lifted on June 21 as planned, with those against pointing to the spread in the UK of the Indian variant that has now been renamed the “delta” variant.

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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