|Day's range||1.217 - 1.224|
|52-week range||1.1477 - 1.3510|
Just a day after being amitted into a hospital with what was reported as "persistent symptoms," Johnson was moved into intensive care as his condition worsened, according to U.K media reports. "Over the course of this afternoon, the condition of the prime minister has worsened and, on the advice of his medical team, he has been moved to the intensive care unit at the hospital," a government spokesman said.
The British pound has rallied a bit during the trading session on Monday to kick off the week but did struggle near the 1.23 level. At this point it’s very unlikely to continue going higher.
After trading in a range for much of last week, the GBP/USD eventually broke lower on Friday and is seen testing the breakout point in early trading on Monday.
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UK building firms face the steepest downturn in more than a decade, sparking warnings of the worst economic downturn in a century.
Sterling recovered as a cabinet minister said he expected Boris Johnson to be discharged from hospital 'shortly' after he was admitted suffering from the coronavirus.
The Japanese yen has seen selling Monday, with the country’s government expected to call a state of emergency in response to the coronavirus pandemic. The U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 100.685, largely flat, while EUR/USD rose 0.1% to 1.0823 and GBP/USD rose 0.1% to 1.2269. Japan has been relatively lightly hit by the spread of the coronavirus pandemic so far, registering just over 3,600 cases, according to Johns Hopkins University.
The British pound continues to see a lot of resistance in the 1.25 region, an area that is a large, round, psychologically significant figure and of course the 61.8% Fibonacci retracement.
The British pound fell into the weekend, showing signs of overall weakness. After all, the jobs number was horrible in the United States, losing over 700,000 jobs, getting people to run for shelter.
The British pound initially tried to rally against the Japanese yen on Friday but has pulled back just a bit as we continue to see consolidation. At this point, the market is likely to have to make some type of significant move.
The British pound has been resilient this week and has held within a tight range relative to price action in prior weeks despite the dollar regaining upward traction.
Fears grow of one of the worst recessions in modern history, with almost a million people claiming universal credit in just a fortnight.
The Irish budget airline said it would meet expectations for profit over the past year, but flight numbers are now at just 1% of normal levels.
At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, rose above 100 for the first time in over a week to stand at 100.460, up 0.2% on the day and up some 0.6% on the week.
Nonfarm payrolls and service sector PMIs are in focus today. With the West in shutdown mode, both labor market numbers and PMIs are expected to be dire…