Pound Rallies as PM Johnson Still in ICU; UK COVID-19 Deaths Rise

The  Sterling pound today rallied for  the  third straight session against the  US dollar amid hope that Boris Johnson was recovering despite rising COVID-19 deaths in  the  UK. The  GBP/USD currency pair posted gains as  investors reacted calmly to  rising coronavirus deaths in  the  UK and  the  risk posed by  the  pandemic to  the  British economy.
The  GBP/USD currency pair today rallied from an  Asian session low of  1.2288 to  a  high of  1.2419 in  the  American session and  was near these highs at  the  time of  writing.
The  currency pair rallied higher from the  early London session as  European traders bought the  pair even as  other majors traded sideways against the  dollar. Investors were not bothered by  the  fact that Boris Johnson, the  Prime Minister, was still in  intensive care treatment. The  British government today admitted that it does not know when the  country will start flattening the  COVID-19 epidemic’s curve as  the  deaths keep rising. The  currency pair remains in  a  consolidative range despite its latest 3-day rally following its massive rally from multi-decade lows hit in  March.
The  currency pair’s rally was further aided by  the  greenback’s overall weakness as  tracked by  the  US Dollar Index, which hit a  low of  99.92 today. The  release of  the  FOMC minutes in  the  American session had a  muted impact on  the  pair as  it reiterated the  Fed’s current position.
The  currency pair’s future performance is likely to  be affected by  COVID-19 news and  tomorrow’s multiple UK releases.
The GBP/USD currency pair was trading at 1.2395 as at 19:02 GMT having rallied from a low of 1.2288. The GBP/JPY currency pair was trading at 134.88, having risen from a low of 133.69.

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