The GBP/USD pair continued with its good two-way price swings on Thursday

and finally ended the day in the red for the third consecutive session – also marking its seventh day of a negative close in the previous eight. Following the previous day's brutal selloff of nearly 700 pips to the lowest level since 1985, the pair witnessed some intraday short-covering move and climbed back to the 1.1800 neighborhood. However, the uptick lacked any strong follow-through, rather met with some aggressive supply amid a sustained US dollar buying interest.

Worries over the economic fallout from the coronavirus pandemic, leading to a global recession, continued boosting the greenback's status as the global reserve currency and was seen as one of the key factors that prompted some fresh selling at higher levels. The intraday slide picked up some additional pace and dragged the pair back closer to the overnight swing low after the Bank of England (BoE) slashed interest rates to 0.1%. The UK central bank also announced to increase its holdings of the UK government and corporate bonds by £200 billion, taking the total level of QE to £645 billion.