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British Pound (GBP) Latest: GBP/USD Still Struggling to Break Through 1.25

British Pound (GBP) Latest: GBP/USD Still Struggling to Break Through 1.25

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • GBP/USD continues to struggle to break through psychological resistance at the 1.25 mark, as it has throughout this month so far.
  • That’s even though UK Chancellor of the Exchequer Rishi Sunak may pledge to spend large sums on energy-saving measures in his emergency mini-budget Wednesday.

GBP/USD still faltering at 1.25

GBP/USD is still failing to make progress above the psychologically-important 1.25 resistance level on the charts after edging above it three times already this month and then dropping back. This follows the advance in the pair from a recent low at 1.1410 on March 19 to a high at 1.2813 on June 10 and its subsequent slide lower.

GBP/USD Price Chart, 30-Minute Timeframe (July 1-7, 2020)

Latest GBP/USD price chart.

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

From a fundamental perspective, traders need to keep an eye open for a speech Wednesday by Chancellor of the Exchequer Rishi Sunak on the government’s plans to steer the UK through a potential coronavirus recovery. Leaks suggest that adults may be given £500 and children £250 in vouchers to spend in sectors of the economy worst hit by the Covid-19 pandemic, and that money may be set aside for green measures, including spending on the decarbonisation of public buildings.

In the meantime, data released Tuesday showed that the Halifax house-price index fell by just 0.1% month/month in June – a much stronger outcome than the -0.9% consensus forecast.

Learn how to read a forex economic calendar here

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex

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

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