GBP/USD: Cable cannot climb

The pound has failed to take advantage of dollar weakness – stemming from various factors – and could be ready to fall, according to FXStreet’s analyst Yohay Elam.

Key quotes

“The mood is gloomy after the government succumbed to pressure and included COVID-19 deaths outside hospitals in its official count, bringing the total to above 26,000. The ball is now in Prime Minister Boris Johnson's court.”

“The Fed left its policies unchanged yet made an unequivocal pledge to do whatever is necessary, weighing on the safe-haven dollar.”

“US President Trump harshly criticized China and blamed it for doing anything to jeopardize his reelection chances and not implementing the trade deal. His words somewhat dampened the mood and helped the dollar recover. However, GBP/USD remains locked.”