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British Pound (GBP) Latest: GBP/USD Struggling to Break Above 1.30

British Pound (GBP) Latest: GBP/USD Struggling to Break Above 1.30

2020-07-30 08:00:00
Martin Essex, MSTA, Analyst
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GBP price, news and analysis:

  • As sentiment worsens in global markets Thursday, GBP/USD is struggling to break above “round number” resistance at 1.30.
  • That said, there is little more resistance ahead of the March 9 high at 1.32 so an advance above 1.30 would likely bring 1.32 into the frame as a potential target.

GBP/USD struggling near-term

GBP/USD looks to be consolidating its recent gains near-term after poking its head above 1.30 “round number” resistance in US trading Wednesday when the Federal Reserve left US interest raters unchanged, as expected, but accompanied the announcement with a broadly bearish statement – saying it will use its “full range of tools” if needed to boost a US economy hit by the coronavirus pandemic.

Almost immediately, GBP/USD dropped back but the 1.32 high touched on March 9 still seems a reasonable target if 1.30 can be breached conclusively.

You can find a forex trader’s guide to the Federal Reserve here

GBP/USD Price Chart, One-Hour Timeframe (July 20 – 30, 2020)

Latest GBP/USD price chart.

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

GBP/USD BEARISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 7% 2% 4%
Weekly 15% -7% 0%
What does it mean for price action?
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This session’s big release will be the US second-quarter GDP data, with the advance number expected to show a drop of more than 34% quarter/quarter annualized. Further ahead, the next important date in the UK will be August 6, when the Bank of England will announce its decision on monetary policy. Like the Fed, it is expected to leave all its settings unchanged.

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

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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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