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17 Mar 2020

GBP/USD plummets to over 6-month lows, sub-1.2100 levels

  • GBP/USD comes under some fresh bearish pressure amid a broad-based USD strength.
  • A strong rebound in the US bond yields triggered some aggressive USD buying interest.
  • The UK’s controversial approach on combating the coronavirus further weighed on the GBP.

The GBP/USD pair tumbled to over six-month lows in the last hour, or levels below the 1.2100 round-figure mark, albeit quickly recovered a few pips thereafter.

Following the previous session's good two-way price swings, the pair met with some fresh supply on Tuesday and added to its recent losses amid a strong pickup in the US dollar demand. As investors looked past the Fed's aggressive policy easing move, a goodish rebound in the US Treasury bond yields helped revive the greenback demand and exerted some pressure on the pair.

GBP/USD weighed down by a combination of factors

The buck was further supported by its status as the global reserve currency amid the recent brutal selloff in the global equity markets and growing market fears of further USD shortages. Meanwhile, the British pound was weighed down by the UK government's different stance on combating the coronavirus pandemic, which further collaborated to the pair's downfall.

Tuesday's mixed UK employment details failed to impress bullish traders, rather passed unnoticed amid growing market concerns over the economic impact from the virus outbreak. Apart from this, possibilities of some short-term trading stops being triggered on a sustained break below the 1.2200 mark further aggravated the bearish pressure over the past hour or so.

However, slightly oversold conditions on short-term charts helped limit further losses, at least for the time being, as market participants now look forward to the US retail sales data for a fresh impetus.

Technical levels to watch

 

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