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GBPUSD overview 19.03.2021

GBPUSD falls on vaccine shortage and UK-EU tensions.

GBPUSD under the bearish pressure today under the effect of the growing sterling bearishness as the market’s focus has now shifted toward the possible downside risks relating to the UK’s COVID-19 vaccine rollout and tensions with the European Union. The European Union previously threatened to ban exports of COVID-19 vaccines to the UK to safeguard scarce doses for its own citizens. The pair is also driven down by the moderate US dollar bullishness as the multiple countries are starting to report the exponential rise in covid-19 infections. Netherlands, for example, just reported its biggest daily jump in coronavirus cases since early January and Germany told that vaccinations alone cannot prevent the 3rd wave – hinting at possible lockdown closures ahead.

Expect sellers on upward corrections.

Next support to watch – 1.3804

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