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)
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)
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
