The GBP/USD exchange rate continued its bearish trend as the divergence between the US and UK continued.
Sterling dropped to a low of 1.2030 as the sell-off that started on December 14 continued amid low volumes.The US and UK have emerged from the pandemic differently. Recent data shows that the UK’s economy was recovering at a slower pace than most developed countries. Data published last week showed that the economy contracted by 0.3% in the third quarter, meaning that it remains below pre-pandemic levels.
The GBP/USD pair dropped as oil prices rose following Putin’s decision to ban oil exports to non-friendly countries. He attributed the ban to the recently passed oil supply cap by the EU, the US, and the UK. While these countries are no longer importing oil from Russia, the impact is that prices could continue rising since Russia is one of the biggest oil exporters.
There will be no economic data from the UK on Wednesday. And from the US, the only important number will be the latest pending home sales numbers.The 3H chart shows that the GBP/USD price has been in a strong sell-off in the past few days. As it dropped, it moved below the 25-day and 50-day moving averages while the Average Directional Index drifted downwards.
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