Sterling plummets on new coronavirus strain.
Sterling under immense bearish pressure today after the new more infectious Covid-19 strain was reported to be circulating in UK – increasing the speed of virus transmission in UK. This prompted many EU countries to close borders with UK – adding to the bearish pressure on the sterling and further darkening the intermediate prospects for the UK’s economy given the troubled Brexit negotiations and the probability of food shortages across United Kingdom. The pair is also dragged down on the sharp safe-haven demand for US dollars – as the new Covid-19 mutation wreaks havoc with the previously strong picture of smooth economic recovery across Europe and US.
Expect sellers on upward corrections.
Next support to watch – 1.3131
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