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British Pound (GBP) Latest: GBP/USD Rate Struggles to Break Resistance

British Pound (GBP) Latest: GBP/USD Rate Struggles to Break Resistance

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The recent advance in GBP/USD has come to a halt near-term as it struggles to break above resistance at the 200-day moving average.
  • Similarly, the recent decline in EUR/GBP has halted at support from an upward-sloping trendline in place since the start of May.
  • UK retail sales data show a smaller drop in annual sales in May.

GBP/USD rate loses momentum

The recent advance in GBP/USD has ground to a halt at the 200-day moving average. However, it is too early to say whether it will break through to record further gains or start to slip back.

GBP/USD Price Chart, Daily Timeframe (March 2 – June 9, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

Similarly, Sterling’s recent strength against the Euro has paused, with EUR/GBP’s decline halting at support from a trendline joining the recent higher lows that has been in place since May 1. The FTSE 100 index of leading London-listed stocks is failing to advance too, dropping by around 0.4% in early business.

EUR/GBP Price Chart, Daily Timeframe (March 6 – June 9, 2020)

Latest EUR/GBP price chart.

Chart by IG (You can click on it for a larger image)

UK retail sales drop less in May than in April

Turning to the fundamentals, the British Retail Consortium reported early Tuesday that annual sales fell by 5.9% last month, although it was a better performance than April, when sales tumbled by a record 19.1%.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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