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British Pound (GBP) Latest: FTSE Shrugs Off BP Results, GBP/USD Stable

British Pound (GBP) Latest: FTSE Shrugs Off BP Results, GBP/USD Stable

Martin Essex, MSTA, Analyst

GBP and FTSE 100 prices, news and analysis:

  • GBP/USD is continuing to trade around the 1.31 level, with few signs of a breakout either way.
  • Meanwhile, shares in oil major BP jumped despite news of a record loss and a reduced dividend.
  • That helped the FTSE 100 index hold its ground, along with the other main European stock indexes.

GBP/USD steady

GBP/USD was stable in early London trading Tuesday as the currency markets wait for news from the talks among US politicians on a new coronavirus relief bill. Reports suggest that some progress is being made but that several sticking points remain.

GBP/USD Price Chart, One-Hour Timeframe (July 28 – August 4, 2020)

Latest GBP/USD price chart

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

In the stock markets, the highlight Tuesday so far has been news from the oil major BP of a dividend cut for the first time in a decade and of a record $6.7 billion loss in the second quarter as the coronavirus crisis hit demand for energy. Oddly, its share price was up by more than 5% in response – suggesting that even worse numbers had been expected.

Nonetheless, the FTSE 100 index of the leading London-listed stocks was little changed alongside indexes around the main European trading centres.

FTSE 100 Price Chart, Daily Timeframe (April 27 – August 4, 2020)

Latest FTSE 100 price chart

Chart by Investing.com

Like to know how sentiment affects forex trading? You can find out here

We look at currency and stock markets 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 via Twitter @MartinSEssex

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

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