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The British Pound at its highest in 3 weeks in light of plans to ease closure restrictions

5 Apr 2021 03:24 PM

British Prime Minister Boris Johnson launched the comprehensive testing program as the economy reopens and said today that everyone in England will be able to take a test twice a week in a new campaign as the economy reopens and the vaccine rolls out at a rapid pace.

With many parts of Europe carrying out new lockdowns to cope with the increasing number of cases, Johnson devised a plan to ease restrictions over the coming months, which represents a major boost for one of the countries hardest hit by the epidemic.

The increased testing will help health officials track the epidemic as the country slowly reopens after a strict four-month lockdown.

Today Johnson is expected to confirm that all retail stores, overseas hospitality, and hairdressers can reopen on April 12 in England, while a nationwide traffic light system based on infection and vaccination levels will be used for international travel.

Under the current plan, international travel will not resume until May 17 at the earliest. The Financial Times said Johnson was not expected to set a specific timeframe.

In light of this, the pound rose strongly with the beginning of the week’s trading, to currently trade around 1.3880 levels, its highest levels since March 22, prices managed to surpass the falling wedge on the daily chart, in addition to stabilize higher than a strong uptrend line, which prices move above on for almost a year, it is expected that prices will witness a significant increase in the medium term, targeting 1.42 levels, as prices stability above these levels.

Failure to surpass 1.3880 levels and return to trading below 1.3800 levels, may open the door for prices to decline towards 1.3650 levels.

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