GBP/USD picks up bids, shrugs off late Friday’s pullback

GBP/USD wavers around 1.3700 amid mixed covid vaccine news, hints of UK’s recovery plan

GBP/USD fades the week-start uptick to 1.3709 while taking rounds to 1.3700 amid the initial Asian trading on Monday. The cable had to bear the burden of overall US dollar strength, amid risk-off mood, as well as the EU-UK tussle over vaccines while flashing a negative daily closing on Friday. Although recent headlines suggest the UK’s record jabs and recovery plans, coupled with the promise of increased AstraZeneca vaccine delivery to the bloc, doubts concerning the tension among the old pals stay on the table.

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GBP/USD Forecast: Bulls encouraged by the improving pandemic situation in the UK

The GBP/USD pair closed the week with modest gains just below the 1.3700 level and not far from a fresh multi-year high of 1.3758. The pair spent the week consolidating amid a scarce UK calendar, while the pound was quite resilient to the dollar’s demand on risk-aversion.

Easing pandemic pressure provided support to the UK currency. Following a peak of almost 70K contagions per day, the number of daily new cases has averaged 25K this past week, taking off some pressure on the health system.

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