The Pound is looking up. Overview for 06.07.2020
On Monday, GBPUSD is intent on further growth but saving strengths so far.
The British Pound is barely moving against the USD on Monday. However, it’s clearly seen that the Pound has serious intentions to continue growing as soon as the circumstances take a favorable turn. The current quote for the instrument is 1.2482.
In the afternoon, the United Kingdom reported on the Construction PMI, which skyrocketed in June up to 55.3 points after being 28.9 points in the previous month. The expected reading was 46.0 points but the reality turned out to be even better.
From the fundamental point of view, the Pound is supported by intentions of the United Kingdom to open its borders for foreign tourists from more than 50 countries. Arrivals from these countries won’t have to be under quarantine restrictions for 14 days, unlike, for example, those who come from the USA.
Recent public opinion polls in the United Kingdom revealed that the Brits were sick and tired of the quarantine introduced due to the coronavirus pandemic. This might be one of the reasons to remove the restrictions.
In addition to that, the country’s economy is slowly getting back to its routine due to removal of restrictions imposed on businesses, for example in spheres where it is impossible to avoid crowds of people, such as restaurants or other food and drink venues, sports facilities, and beauty salons. Removal of such restrictions is a huge deal for the Pound.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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