Heading into the weekend, the Pound Sterling continued to decline in Wednesday’s trading following the risk pressure of uncertainty in the UK over the vaccine issue.
Cautious investors are likely to take first profits on trading positions previously seeing the Pound’s strengthening fail to be sustained earlier in the week.
The price chart of the GBP/USD pair, the price of which rose to a high of almost 1.39200 at the beginning of the week has plummeted to fall back below the 1.38000 zone.
The zone which is expected to re -support the upside failed to curb lower price declines following fading investor confidence in the Pound.
Although the UK reported cases of side effects of blood clots due to AstraZeneca vaccine injections were extremely rare, the statement still failed to allay investor concerns.
The distribution of the Moderna vaccine in the UK after the purchase of 17 million doses is expected to restore the situation and support the re -strengthening of the Pound in the coming weeks.
The Asian session on Thursday saw the price on the GBP/USD chart slightly increase from the 1.37300 level, but the price increase is slow and investors are still expecting a lower decline.
A further decline below the 1.37000 level will push the price towards the 1.36000 level and record the latest 9 -week low.
If the price manages to make a rise, the 1.38000 zone which is a resistance for the price will be tested for a break.
A higher rise will test the highs reached earlier in the week before heading to the 1.40000 focus level.
