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In theory, the cancellation of restrictive measures should have been a great reason for a correction and a sharp growth of the pound. However, it continued to decline. This is due to the fact that the number of new cases of coronavirus continues to rapidly increase in the UK. Another issue is the plans to introduce special passports necessary for visiting nightclubs. This was mentioned on the day of lifting all restrictive measures previously introduced due to the coronavirus pandemic. As we can see, there is clearly no question of the complete abolition of quarantine measures, rather it looks like a common substitution of concepts when new ones are immediately introduced as soon as some restrictions are lifted. In general, it is not surprising that the pound sterling is under the strongest pressure.
On the other hand, the euro managed to carry out a full-fledged local correction. However, it followed the pound during the European trading session and lost its position. It only started to rise after the opening of the US session. It seems that the Europeans themselves do not particularly believe in the prospects of Europe, while the Americans think otherwise, which is quite funny. Today, the US dollar will most likely continue to grow due to data on the American construction sector. The volume of construction is expected to rise by 0.8%, and the number of construction permits issued by 0.5%. The growth of the construction sector indicates both the growth of industry and consumer activity. Therefore, the US economy continues to sharply recover.
Led by speculators, the EUR/USD pair managed to break through the support level of 1.1800, having a downward momentum as a result. In order for the set pace to be maintained in the market, the quote must be kept below the level of 1.1765. Otherwise, bumpiness along the 1.1800 level is not excluded.
The GBP/USD pair continues to show its downward interest despite the oversold status, updating local lows on the way. It can be assumed that speculators will continue to trade for a decline, dropping the pound to the range of 1.3600-1.3500.
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