GBP/USD Higher on Loosening Restrictions – 08 June 2020

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Plans to ease some of the restrictions in place against the Coronavirus are being set up in the UK and there are growing signs that the economy might be able to recover.

GBP/USD HireThe Pound Sterling made some headway against its key rival, the US Dollar, during London trade on Monday. Plans to ease some of the restrictions in place against the Coronavirus are being set up in the UK and there are growing signs that the economy might be able to recover as a result of pent-up demand. Currency strategists still believe that the underlying risk for Sterling remains the Brexit transition, especially if negotiations with the EU falter and stall. Since early this month, the Pound has gained 2.8% against the greenback, largely on weakened demand for the US currency.

As of 10:51 am in London, the GBP/USD was trading at $1.2669, a gain of 0.015% and sliding off the session peak of $1.27306. The EUR/GBP was higher at 0.8914 Pence, up 0.0775%; the pair has ranged from a trough of 0.88809 Pence to a peak of 0.89197 Pence.

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On Sunday, Boris Johnson had reported to the news media that he intends to relax restrictions on certain outdoor venues, such as pubs and cafes which offer outdoor seating or dining as well as venues for outdoor wedding receptions. There is still some concern about how to safely open up non-essential retail stores which have been in lockdown since late March. Industry data suggests that when the Prime Minister does finally lift the restrictions, retail stores are likely to experience major foot traffic from pent-up shoppers’ demand.

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