© Reuters.

By Samuel Indyk

Investing.com – dropped to a session low after reports suggested the UK government is close to agreeing on new restrictions to slow the spread of coronavirus.

The Times’ Tom Newton-Dunn tweeted of an imminent “Quad meeting” to discuss implementing what the government has previously referred to as “Plan B”. The measures could come into force as early as Thursday.

The restrictions could include advice to work from home and the introduction of COVID passports for indoor and outdoor events.

Dunn reported that it’s 85% likely that the measures will be introduced, citing a source.

There is no suggestion that the UK government plans to enforce a stricter lockdown with the closure of hospitality and banning attendees from small or large-scale events.

The BBC reported that a Cabinet meeting is scheduled to take place at 15:45GMT with a press conference after at 17:30GMT.

GBP weakens

GBP/USD weakened following the reports although found support ahead of 1.3200.

The pound remains in a downtrend and cable is now close to testing the low from 30th November of 1.3195. A move below that level would send the pair to its lowest level of the year.

GBP also weakened against the EUR as moved back above 0.8550.

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