Forex Analysis & Reviews: 16.03.2021 - GBP/USD. Sterling may face...

16.03.2021 06:43 PM

GBP/USD. Sterling may face side-effect of AstraZeneca vaccine safety scare

The information flow was overwhelmed by the news about the AstraZeneca vaccine, and so in the morning, the media were full of loud headlines that 20 European countries: Austria, Bulgaria, Germany, Denmark, Ireland, Iceland, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, The Netherlands, Norway, Portugal, Romania, Slovenia, France, and Estonia have suspended the use of the AstraZeneca vaccine amid panic over fatal side effects.

Recall that the AstraZeneca vaccine is a drug of a British-Swedish company, which means such a strong negative background directly leads to speculation on the pound sterling.

Traders were frightened of the possible consequences that would lead to multibillion-dollar fines against AstraZeneca, for which the British government would be responsible.

The lump of fear, risk, and prejudice increased almost hourly, it was impossible not to notice, and to defuse the situation, the European Medicines Agency (EMA) issued a statement that the benefits of AstraZeneca Plc's vaccine outweighed the risks.

EU health ministers are holding a videoconference on Tuesday in which they are expected to discuss issues related to side effects. EMA CEO Emer Cooke will comment on the situation on Thursday after assessing the latest information.

"There is currently no evidence that the AstraZeneca vaccine is causing blood clots. Such incidents are extremely rare in general, and the number of cases of similar symptoms among those vaccinated does not exceed the number of cases among the general population. Therefore, while the investigation continues, the EMA remains convinced that the benefits of using the drug outweigh the risks," said Cooke.

Now everyone is very much afraid of uncontrollable panic, so they will calm down as quickly as possible, and they will solve the problem gradually.

What happens on the trading chart?

As you can see, in the first half of the day, the sterling dropped sharply in value, updating the minimum of the previous day, but in the end, with the supply of information background, the quotes were held, as a result of which, a recovery process arose.

The support area at 1.3800 served as a pivot point, which reflected the lower border of the lateral amplitude during the March 8 period.

Expectations and prospects

The info noise will gradually calm down, but a trace of it will remain on the market, which means that sellers will still have the opportunity to weaken the value of the sterling, thereby prolonging the corrective move from the peak of the medium-term trend (1.4224 ---> 1.3778).

What is happening in the market in terms of indicator analysis and market dynamics?

Analyzing different sectors of time frames, we see that technical instruments have a sell signal on the minute, hourly and daily intervals.

In terms of market dynamics, the indicator is close to the average value of 92 points, where, taking into account the impulse formations, we can confidently state that there is speculative interest in the market.

Key levels

Resistance zones: 1.4000 ***; 1.4350 **; 1.4550; 1.4700; 1.5000 ***.

Support Zones: 1.3750 **; 1.3650 **; 1.3300; 1.3000 ***

* Periodic level

** Range level

*** Psychological level

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