Possible Side Effects of AstraZeneca Vaccine Sends GBPUSD to 1.3800 Level

Posted by Adegbotolu Kehinde Erastus -
Scope Markets

Key points

  • AstraZeneca vaccine cases of blood clots resulting in death
  • The UK is set to ease lockdown next week
  • GBPUSD spotted below the descending trend line

GBPUSD was stoked by lockdown optimism when Prime Minister Boris Johnson announced that some lockdown restriction will be eased from 12th April. Businesses such as pubs, restaurants with outdoor services can carry out business activities and gyms, non-essential shops and hairdressers. This pushed GBPUSD to 1.3900 during the Easter celebrations. However, with the recent development’s impact, GBPUSD failed to reach the 1.4000 psychological level as expected as the AstraZeneca vaccine side effects weighed in, sending the pair back to 1.3800. With over 20 million doses already administered, there have been about 79 cases of rare blood clots resulting in 19 deaths. This has forced Britain to discontinue using the AstraZeneca vaccine for citizens under 30 and administer alternative shots instead.

The latest set back is still not going to put a halt to AstraZenecavaccine roll out as more than 5 million people have received the second dose of the Covid19 vaccine, while infection numbers and Covid19 deaths continue to drop in the UK.

Technical outlook

Technical outlook
FX GBP to USD April 8 2021 Scope Markets
GBPUSD daily time frame

Looking at the GBPUSD on the daily time frame has seen the pair move in a kind of sinusoidal wave pattern as price respected the channel to the upside. Currently, the price has broken out this channel, and a descending trend line which runs from 24th February, which happens to be its peak, has been established.

With price already retesting and having the daily candlestick close back below the descending trend line, shorts will likely be favoured, which could increase selling pressure.

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