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In the last week of March, the GBP/USD was being traded at 1.3760 whereas the GBP to Euro exchange rate 1.1677, undergoing a slight recovery from last week.
The British Pound found substantial support from the country’s vaccine-driven economic rebound. The GBP/EUR and the GBP/USD have struggled since the middle of March as traders worried that the UK would face a slowdown in vaccine supplies. The UK is currently in lockdown, part of Prime Minister Boris Johnson’s plans to vaccinate and beat the coronavirus pandemic.
However, Sterling’s strength is being questioned amid doubts about the vaccination drive. The UK government has remained hopeful that they will “increase the pace” of its rollout with more COVID-19 vaccines.
Whilst speaking to Sky News, Housing Secretary Robert Jenrick said, “We have built an infrastructure in this country that really is world-class, it would enable us to vaccinate even more people than we have done in recent weeks – millions of people.”
On Monday, the Cable was trading at 1.3766, after falling to a seven-week low at 1.3670 last week. Traders are also keeping an eye to see if the GBP/EUR can go past the resistance layer of 1.17, as it currently trades at 1.1687.
Moreover, the Euro-to-Dollar exchange rate also struggled to stay away from a new 2021 low last week and is being traded at 1.1824 at the time of writing. “EUR/USD is in new lows for the year, and we are allowing for a slide into the 1.1695 to 1.1600 band.”