GBP sinks after UK PM Boris Johnson taken to intensive care unit

The British pound gives up all of its gains after news that UK PM Boris Johnson worsened and was moved to the intensive care unit.  After testing positive 11 days ago, Johnson has been unable to shake off his fever and cough.  Foreign Secretary Dominic Raab was asked to deputize for Johnson when necessary.

Almost 5,000 people have died from the coronavirus in the UK, with the peak expected over the next 10 days.

The British pound plummeted as it is unclear what the emergency succession plan would be for the prime minister.  Markets hate uncertainty and this does not bode well for further steps in battling COVID-19 and for future Brexit trade negotiations. Cable remains very vulnerable here and may not find major support until the 1.2000 level.

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Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya