The British Pound continues weakening. Overview for 23.03.2021


GBPUSD is slowly retreating amid the vaccination-related news and rather mixed statistics. 

The British Pound is consistently falling against the USD. The current quote for the instrument is 1.3832.

The Pound was earlier pretty much pressured by the news about a possible ban from the European Union which to import the anti-coronavirus vaccine to the United Kingdom. This information wasn’t confirmed but investors had a lot of time to get nervous. 

The statistics published today were rather mixed. For example, the Unemployment Rate went from 5.1% in December to 5.0% in January and that was a pleasant surprise. On the other hand, the Claimant Count Change showed 86.6K in February after being -20.8K the month before, most likely due to the lockdown in the country. The Average Earnings Index added 4.8% 3m/y, which is a median value.

According to the Food and Drink Federation of the UK, the export of food and drinks from the country to the European Union lost 75.5% due to a wide range of obstacles in trade relations between the parties after the Brexit and the biggest part of this loss had an impact on Ireland. This mostly refers to non-tariff barriers, which imply customs paperwork and clearance.

The country’s authorities have already commented on the situation saying that this happens because of the pandemic and problems with adjusting to new customs regulations. If so, everything might get better by the end of the second quarter. 


Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.