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British Pounds Sterling plunges, British PM admitted to Intensive care Unit 

British Pound plunges, as PM gets admitted to Intensive care

Olumide Adesina by Olumide Adesina
4 years ago
in Business News, Diaspora, Markets
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The market responded negatively after British Prime Minister, Boris Johnson was admitted into the Intensive Care Unit yesterday, due to complications from Coronavirus.

According to reports from Downing Street, Boris Johnson’s intensive care admission was a precautionary measure. However, the country’s  currency markets were not quite as hopeful.

This is because minutes after the report was made public, the British pound dropped by about 0.4%. But by Tuesday morning (7.30 am Nigerian time), the Pound regained some of its losses.

The British Prime Minister was diagnosed with COVID-19 about 10 days ago. But until yesterday, he had been performing his duties from isolation without difficulties.

[READ MORE: More pressure on the naira as Diaspora remittances to drop by 20%)

Over the weekend, it was reported that he had been taken to the hospital due to persistent symptoms of COVID-19.

British Pounds Sterling plunges, British PM admitted to Intensive care Unit 

Despite this, the currency market was not so unsettled by the turn of these events. The British pound sterling started with its biggest daily gap drop since November 2018, but the move hardly had high price swings relative to the surrounding volatility of the past two months.

Currently, the key level for the British pound is the 20 Exponential Moving Average below 1.2300. If the currency manages to stay below the 20 Exponential Moving Average, the British pound sterling will continue its bearish trend.

READ ALSO: No let-off as Naira depreciates further in FX market

This predictive analysis will require some American dollar strength against a broad basket of currencies. The current optimism in the currency markets is a bearish stimulant for the U.S dollar.  However, if the British pound sterling stays below the 20 Exponential Moving Average, it will be able to move towards the next major support level at 1.2000.

On the bullish bias, the main resistance for GBP/USD is located at the 50 Exponential Moving Average below the 1.2500 level. In addition, if this resistance level is broken, the pair will have good chances to return to the level at 1.2750.


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Tags: American DollarBoris JohnsonBritish Pounds SterlingCoronavirus pandemicCovid-19Currency OutlookExponential moving average
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Comments 1

  1. theanalyst says:
    April 7, 2020 at 1:29 pm

    How is 0.4 percent plunge Olumide? It didn’t even decline just normal fluctuations and it has since retraced, even as at the time quoted.

    Start using a real chart. Bloomberg quotes are delayed by more than 5 minutes.

    Good work job.

    Reply

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