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Riku Tanaka
in
Forex
April 14 20:18

GBP/USD falls back from monthly high, but maintains steady bids around mid-1.2500 range

Quelled USD demand helped GBP/USD to gain some follow-through footing on Tuesday (Apr 14). The pair’s momentum appeared to be unaffected by disheartening COVID-related news from the United Kingdom.
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The GBP/USD pair currently appears to have entered a stage of hopeful union and held consistent around 1-month tops in the mid-1.2500 range.
The pair has developed some good-finish footing for the second continuous session on Tuesday, and additionally denoted its fifth consecutive day of gains, likely upheld by a quelled US dollar interest.
A pivot in the worldwide risk sentiment kept the greenback gains on edge against its British partner and ended up being one of the key factors that helped the pair to maintain its ongoing bullish momentum.
Aside from some US dollar stumbles, Tuesday's (Apr 14) rise could additionally be credited to some specialized purchasing over the key 1.2500 psychological mark, all against the underlying overnight achievement past the 1.2480-85 supply zone.
Be that as it may, the constantly expanding number of reported COVID cases and related fatalities in the UK fueled worries about the financial aftermath from the epidemic, which appeared to be the primary factor in stemming any further growth.
As traders sit tight and wait for the signal that the economic damage from the virus might be reaching its zenith, the pair stays remains at the mercy of the greenback’s value fluctuations and the broader market risk sentiment. Everyone seems to be eagerly awaiting significant market-moving financial data releases on Tuesday (Apr 14).