Although the US dollar weakness allowed the Cable pair to recover, worries concerning Brexit and the UK’s covid-19 conditions seem to weigh on the price as of now.
The Independent has said, “Britain’s negotiator Lord David Frost emerged from a meeting with European Commission vice president Maros Sefcovic in Brussels on Friday saying advances towards new trading rules for Northern Ireland had been ‘limited’.” Following that, the BBC came out with the news saying, “Democratic Unionist Party (DUP) leader Sir Jeffrey Donaldson has restated his belief that ‘conditions have been met to trigger Article 16,’”
Looking forward, comments from the BOE’s Governor Andrew Bailey and Fed Chairman Jerome Powell can offer short-term direction to the GBPUSD pair as both the central bank leaders have been hawkish until now, with the BOE’s Bailey being a bit cautious after the last week’s hint of December hike in rates.
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