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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

2020-07-07 08:00:00
Martin Essex, MSTA, Analyst
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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)

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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

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex

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

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