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British Pound (GBP) Latest: GBP/USD Set to Consolidate After Recent Gains

British Pound (GBP) Latest: GBP/USD Set to Consolidate After Recent Gains

2020-07-28 08:00:00
Martin Essex, MSTA, Analyst
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GBP price, news and analysis:

  • GBP/USD will likely hold its current level or fall back a tad near-term on profit-taking after its advance this month due largely to a weak US Dollar.
  • For now, the row between London and Madrid over whether Spain is safe for British holidaymakers has not been a market factor but could be if the argument grows.

GBP/USD set to consolidate near-term

After the strong gains that have lifted GBP/USD from a low of 1.2251 on June 29 to above 1.29 briefly on Monday, a period of consolidation now seems likely for the pair. The main driver of GBP/USD is still the US Dollar side of the equation so any signs that USD is stabilizing after its recent falls would take the steam out of Sterling’s advance.

GBP/USD Price Chart, Four-Hour Timeframe (June 26 – July 28, 2020)

Latest GBP/USD price chart.

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

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A row between the governments in London and Madrid over whether Spain is safe for British holidaymakers has so far been largely ignored by the markets but could become a factor in future if it escalates.

Meanwhile, like other pairs, the focus for GBP/USD traders will be the continuing stimulus measures being taken by the US – both monetary and fiscal – as well as corporate earnings and hopes for a coronavirus vaccine as market volumes show their usual seasonal fall.

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

If you’d like to know how sentiment affects the FX markets, you can find out here

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via Twitter @MartinSEssex

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

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