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British Pound (GBP) Price Outlook: EUR/GBP Rally May Run Out of Steam

November 30, 2021

Via: DailyFX

The strong rally in EUR/GBP that has lifted it from a low of 0.8380 on November 22 to its current level close to 0.85 is under threat, principally on evidence that the Omicron variant of Covid-19 is more contagious and dominant than previous variants but also less deadly.

It was news of Omicron that spooked the markets Friday and again this week, not helped by the chief executive of Moderna who was reported by the Financial Times as predicting that existing vaccines will be much less effective at tackling Omicron than earlier strains of Covid-19 and warning it would take months before pharmaceutical companies can manufacture new variant-specific jabs at scale.

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