04.05.2020 GBP/USD Daily Analysis

04.05.2020 GBP/USD Daily Analysis

GBP/USD is trading at $1.2439 as the USD continues to strengthen due to the war escalating between US and China over the origin of coronavirus. President Trump said,  “My opinion is they made a mistake. They tried to cover it, they tried to put it out. It’s like a fire. You know, it’s really like trying to put out a fire. They couldn’t put out the fire.” Secretary of the State, Mike Pompeo stated that there is significant evidence that the virus was created in a laboratory in Wuhan, although they didn`t provide this evidence. Not only did President Trump blame China for the pandemic but he also threatened to impose new tariffs on Beijing. China denied these claims, hence it is turning into a war of words between the countries. The USD Index rose by 0.27%. UK Prime Minister Boris Johnson is scheduled to outline the plan to ease lockdown restrictions this week. Today, he will chair a virtual international summit which is expected to raise funds that will be put towards coronavirus vaccine efforts.