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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…
The British pound continues to see a lot of resistance at the 1.25 handle, an area that has been like a brick wall. Quite frankly, I feel it’s only a matter of time before we rollover but with the jobs number coming out, anything can happen.
After outsized price swings in the prior three weeks, volatility in GBP/USD has subsided notably as the pair has been holding within a range since the start of the week.
Banks have been criticised for being too slow and in some cases profiteering through the government's coronavirus business interruption loan scheme.
UK residential property prices surged before the coronavirus lockdown, but estate agents warn they are now furloughing staff.
The Financial Conduct Authority is set to encourage a payment freeze, and may order banks to find other ways to help borrowers 'weather the storm.'
Airline expected to use the government’s Job Retention Scheme to pay for up to 80% of wages, capped at £2,500 ($3,071) a month.
We strongly believe China wants to show some strength in their perceived economic recovery and that these PMI numbers are somewhat “manufactured for effect”.